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RIYADH: The Public Investment Fund-owned ACWA Power Co. has secured a SR3 billion ($800 million) deal to develop and construct a 600,000 cubic meter per day plant in Shuaibah governorate.
The project is part of the conversion of the existing Shuaibah 3 IWPP plant into a seawater reverse osmosis plant, the utility firm said in a bourse filing.
The 25-year agreement was signed between a special purpose vehicle of ACWA Power and Badeel Co. and Saudi Water Partnership Co.
ACWA Power expects the financial impact of the deal to roll out on its financial statements once the project starts commercial operations in the second quarter of 2025.