SWPC achieves financial close for 90,000-cu m/day Tabuk-2

Saudi Water Partnerships Company (SWPC) has said that it has successfully achieved financial close for the Tabuk-2 project with the participation of success partners from the relevant authorities such as the Supervisory committee at the Ministry of Environment, Water and Agriculture, developers and the project consultants.

The Tabuk-2 project is an Independent Sewage Treatment Plant with a 90,000-cu m per day capacity. It will be developed by a consortium led by Spanish infrastructure major ACCIONA at a total investment of $146.4 million.

The ACCIONA consortium, which comprises local partners Tawzea and Tamasuk, will then operate it for a period of 25 years from the commercial operation date, a statement said. Despite the current conditions and obstacles caused by Covid-19 pandemic, SWPC was successful in closing the financial deal, it added.

CEO Engineer Khalid AlQureshi, said: “Despite the fluctuations, liquidity crises and changing global market conditions, SWPC and the consortium succeeded in completing the financial closure procedures in close cooperation with the group of lenders, which indicates the company’s efforts.”

“We will provide full support for investment projects and take efforts to enhance private sector participation in sustainable development by providing the opportunity for local and foreign investors to take part in the implementation of these projects, thus achieving sustainable development, providing job opportunities for young people, and supporting local product and balanced development,” remarked AlQureshi.

Reaching this stage in the project and starting construction works under these difficult circumstances is a complete indication of investor confidence in the kingdom’s economy and future growth, he added.

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