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USD 738 mn for Dubai desalination plant: Saudi Arabia’s renewable energy giant Acwa Power has secured SAR 2.77 bn in funding for its SAR 3.45 bn (USD 914 mn) solar-powered Hassyan water desalination project in Dubai, the company said in a Tadawul disclosure. The financing period will last 32.5 years and will fund the development and construction of the plant.
Local and international lenders are financing the project: The lending consortium includes Standard Chartered, MUFG Bank, Emirates NBD, Korea Development Bank, the Commercial Bank of Dubai, Abu Dhabi Commercial Bank, China Construction Bank, Agricultural Bank of China, Arab Petroleum Investments Corporation, Sumitomo Mitsui Trust Bank, Industrial and Commercial Bank Of China Limited, Boubyan Bank, and export credit agency Saudi EXIM.
The facility, set to be one of the largest solar-powered seawater reverse osmosis plants, will begin commissioning of its first phase in 2026. The project is Dewa’s first to be carried out under an Independent Water Producer (IWP) model, and is part of its efforts to increase its water desalination capacity to 730 mn imperial gallons per day by 2030, up from the current 490. Once completed, Dewa will have an output of 670 mn imperial gallons per day. The facility has a capacity of 681.4k cbm per day.
REFRESHER: The Dubai Electricity and Water Authority (Dewa) tapped Acwa Power to construct and operate the project back in August 2023, and signed a 30-year water purchase agreement with Acwa Power to buy water from phase 1 of the desalination plant last year.
