ACWA Power is set to build a new independent water plant (IWP) in Hamriyah, Sharjah, with a total investment of 2.6 billion Saudi riyals ($693 million). The project will have a capacity of 410,000 cubic meters per day.
The comprehensive contract covers all aspects of the project, including development, design, financing, engineering, procurement, construction, commissioning, completion, testing, ownership, operation, maintenance, and insurance. This announcement was made in a statement to the Saudi stock exchange on Wednesday.
In addition, Hamriyah Developer Holding Company, in which ACWA Power holds a 45% stake, has secured a 30-year water purchase agreement with the state-run Sharjah Electricity, Water and Gas Authority (SEWA).
This week, ACWA Power also signed financing agreements totaling SAR 9.7 billion with a consortium of banks for three major photovoltaic solar projects.
