Saudi Arabia’s ACWA Power has secured financing for the 120 million gallons per day (MIGD) Hassyan Independent Water Producer (IWP) plant in Dubai.
The company said it secured a facility worth 2.76 billion Saudi riyals ($738 million) from local and international lenders for a period of 32.5 years, the Saudi-listed company said in a statement.
The facility has been provided by Standard Chartered, MUFG Bank, Emirates NBD, Korea Development Bank, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, China Construction Bank, Agricultural Bank of China, Arab Petroleum Investments Corporation (APICORP), Sumitomo Mitsui Trust Bank, Industrial and Commercial Bank of China, Boubyan Bank, and Saudi EXIM Bank.
The loan agreements were signed by Hassyan Water Company, which is owned 20.40 percent by ACWA Power.
The SAR 3.45 billion ($920 million) project, based on reverse osmosis (RO) technology, comprises two blocks of 60 MIGD each. The first block is scheduled to start operations in October 2025, while the second block will start operations in April 2026, a DEWA press statement said in May 2023.
“We are building water production plants based on RO, which requires less energy than Multi-Stage Flash distillation (MSF) plants, making it a more sustainable choice for water desalination. By 2030, DEWA aims to produce 100 percent of desalinated water by a mix of clean energy and waste heat,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
