On 26 November 2018, Water & Electricity L.L.C (WEC) announced that it has appointed The International Company Water and Power Projects (ACWA Power) and Saudi Brothers Commercial Company Consortium as the Preferred Bidder for the development, design, financing, construction, commissioning, operation and maintenance of the Rabigh 3 desalination plant of 600,000 m3/day and the development, design, financing, construction, commissioning and transfer of the associated Electrical Special Facilities (the “Rabigh 3 IWP Project”).
The consortium comprising Marubeni Corporation, Abdul Latif Jameel Commercial Development Company, Acciona Agua SA and Rawafid Alhadarah Holding Co. has been appointed as the Reserve Bidder for the Rabigh 3 IWP Project.
The Rabigh-3 IWP Plant will be located south of Rabigh, on the Red Sea Coast, approximately 150 km north of Jeddah. Its Planned Capacity is 600,000 m3/day of Desalinated Water. The Plant is designed using Reverse Osmosis seawater desalination technology to produce the potable water.
WEC initiated a competitive process to select a developer or developer consortium for the development, financing, procurement, implementation, operation and maintenance of a desalination plant of 600,000 m3/day; expandable to 1,200,000 m3/day net of potable water capacity, together with associated infrastructure and facilities. Under a concession of 25 years, the project company to be incorporated to develop the Project will sell their entire capacity and output to WEC under a Water Purchase Agreement (“WPA”). WEC’s obligations under the WPA will be supported by a payment guarantee from the Government of the Kingdom of Saudi Arabia.
WEC is being advised by:
- Banque Saudi Fransi as Lead and Financial Adviser;
- Alderbook Finance as Co-Financial Adviser;
- DLA Piper Middle East LLP as Legal Adviser; and
- Fichnter GmbH & Co. KG as Technical Adviser
