Japan based Marubeni Corporation, in a statement mentioned that, it signed a financing loan agreement for the Construction of Shuqaiq-3 Independent Water Project located in Southern Region of Kingdom of Saudi Arabia
The agreement was signed by the Shuqiq 3 Company for water Owned by Maubeni and of consortium team Acciona Agua S.A., Abdul Latif Jameel Commercial Development Company Ltd., and Rawafid Alhadarah Holding Ltd.
The approximate loan agreement was $ 500 million. It took in the form of co-financing among six commercial banks, MUFG, Crédit Agricole Corporate and Investment Bank, The National Commercial Bank, The Norinchukin Bank, Samba Financial Group and Sumitomo Mitsui Banking Corporation.
The Project Scope of Work includes the construction, operation, and maintenance of the Reverse Osmosis based desalination plant which generates 450,000 Cu.m of water per day.
Once the project completed, it will be supplied to a population of approximately 2 million. The sale of water produced to Water and Electricity Company.
The water will be sold over the course of a 25-year term under water purchase agreement.
The commercial operation of the project is expected in beginning of 2021
Read more: Saudi Arabia’s Shuqaiq 3 IWP awarded to Developer
