Saudi Water Partnerships Company successfully achieved financial close for Jubail-3A
IWP with the participation of success partners from the relevant authorities such as the
Supervisory committee at the Ministry of Environment, Water and Agriculture, developers
and consultants.
Jubail-3A is an Independent Water Plant with capacity of 600 thousand cubic meters per
day with total cost around 2.4 billion Saudi Riyals, to be built and operated by the private
sector for a period of 25 years from the Commercial Operation Date, noting that the
winning consortium of the project consists of ACWA Power, Gulf Investment Corporation
and Al Bawani Water and Power.
It is noteworthy that despite the current conditions and obstacles caused by the Corona
pandemic (Covid-19), as this pandemic has obstructed most major projects and stopped
domestic and international air traffic, the Saudi Water Partnerships Company succeeded
in closing the project.
The CEO of SWPC, Eng. Khalid Al-Quraishi, said: “Despite the fluctuations, liquidity
crises and changing global market conditions, the Saudi Water Partnerships Company
and the Consortium succeeded in completing the financial closure procedures in close
cooperation with the group of lenders, which indicates the company’s efforts. Saudi
Water Partnerships to provide full support for investment projects, and to enhance private
sector participation in sustainable development by providing the opportunity for local and
foreign investors to participate in the implementation of these projects, thus achieving
sustainable development, providing job opportunities for young people, and supporting
local product and balanced development, in order to achieve the strategic objectives
contained in “Saudi Arabia’s vision 2030” and the initiatives approved by the Saudi
Council of Ministers to encourage private sector participation in economic development
initiatives”.
Al-Quraishi added “Reaching this stage in the project and starting construction works
under these difficult circumstances is a complete indication of investor confidence in the
investment environment in the Kingdom of Saudi Arabia and the suitability of the
investment environment for the private sector.”
ACWA Power President & CEO Paddy Padmanathan stated: “Achieving the financial
closure for Jubail 3A IWP, despite the unique circumstances presented by COVID-19, is
a remarkable success for this significant project that will help meet growing water
demand in the area and contribute to socio-economic development in KSA. We would like
to extend our appreciation to the Saudi Water Company, the financial community and our
partners for their trust and cooperation in enabling the swift competition of this milestone.
As always, ACWA Power remains committed to leveraging our global expertise in
deploying advanced technologies, backed by robust public-private partnerships to
enhance water security for the Kingdom in line with its Vision 2030.”
