Saudi Water Partnerships Company (SWPC) announced on Monday that the 2.4 billion Saudi riyals ($666 million) Jubail-3A Independent Water Producer (IWP) project in the Eastern Province has achieved financial closure despite challenging project environment posed by the coronavirus pandemic.

In March, SWPC had appointed a consortium of ACWA Power, Gulf Investment Corporation and Al Bawani Water as the preferred bidder for the 600,000 cubic metres per day desalination project.

The project, based on reverse osmosis technology, would be developed under a 25-year Build-Own-Operate (BOO) concession model, according to the statement.

Last month, SWPC had announced the financial close of Taif Independent Sewage Treatment Plant (ISTP) project, its fifth project to achieve financial close in a 24-month period.

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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