Acwa Power unit lands a SAR 2.6 bn IWP project in the UAE

UAE-based Hamriyah Developer Holding — 45% owned by Acwa Power — will develop the Hamriyah desalination plant in Sharjah under a SAR 2.6 bn water purchase agreement with Sharjah Electricity Water and Gas Authority (Sewa), Acwa Power said in a disclosure to Tadawul. There’s no publicly available information about the other shareholders of Hamriyah Developer Holding.

The details: The 30-year EPC contract will see the renewables giant establish an independent water plant (IWP) with a daily production capacity of 410k cubic meters. The project is expected to come online by 2Q 2028.

Acwa had a busy summer: Earlier this week, an Acwa Power-led consortium secured SAR 9.7bn in financing for three mega solar PV projects in the Kingdom. Acwa also broke ground on a 200 MW wind plant and 100 MW battery station in Uzbekistan last month, with the 700 MW solar plant in Qassim kicking-off operations in mid-August. The company is also gearing up for a capital increase through a SAR 7.1 bn rights issue.