RIYADH: Saudi Water Partnership Company (SWPC), in association with the consortium led by France-headquartered ENGIE has achieved financial close on the Jubail 3B Independent Water Project (IWP), the largest solar-powered water desalination project in the Kingdom.
The project is part of the water schemes in Saudi Arabia developed under the public-private-partnership (PPP) structure, Engie said in a statement. The consortium is developing and financing the desalination plant, which will be operated and maintained by ENGIE. The Jubail 3B project was awarded by SWPC as a build, own, operate (BOO) contract, with commercial operation expected in 2024, it said.
ENGIE holds 40 percent of the project, while Saudi based Nesma Co. and Abdulaziz Al Ajlan Sons for Commercial and Real Estate Investment hold 30 percent each.
On 29 April, SWPC awarded the ENGIE-led consortium a 25-year Water Purchase Agreement, and the contract was signed on 22 June.
