A consortium comprised of Acciona, Marubeni Corporation, Almar Water Solutions, and Rawafid Al Hadarah Holding Co., has held a $600 million financial closing for the Shuqaiq 3 desalination plant, Acciona’s third desalination plant in Saudi Arabia.
The transaction involved Saudi national banking entities, including Samba and NBC, as well as international organizations, MUFG (Agent), Crédit Agricole, Norinchukin, and SMBC, according to Acciona.
The agreement was reached just three months after the water purchase contract was signed.
The Shuqaiq 3 desalination plant will be located on the Red Sea coast of Saudi Arabia, and it will be one of the largest reverse osmosis desalination plants in the world, with a production capacity of 450,000 cubic meters per day.
According to Acciona, it will supply drinking water to more than 1.8 million people.
The plant is slated for completion in 2021, and it will be developed under a 25-year build, own, operate contract scheme.
