ACWA Power will develop a 410,000 cubic metre per day (m3/day) independent water plant (IWP) at Hamriyah, Sharjah, at the cost of 2.6 billion Saudi riyals ($693 million).

The contract includes development, design, financing, engineering, procurement, construction, commissioning, completion, testing, ownership, operation, maintenance, and insurance of the IWP, the company said in a statement to the Saudi stock exchange on Wednesday.

Additionally, Hamriyah Developer Holding Company, which is 45% owned by ACWA Power, signed a 30-year water purchase agreement with the state-run Sharjah Electricity, Water and Gas Authority (SEWA).

This week, ACWA Power signed financing agreements worth SAR 9.7 billion with a consortium of banks for three large-scale PV solar projects.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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