October 19, 2019 / 7:35 AM / 24 days ago

EWEC and ACWA secure $869 mln for Abu Dhabi desalination plant

ABU DHABI, Oct 19 (Reuters) - Emirates Water and Electricity Company (EWEC) and Saudi Arabia’s ACWA Power said on Saturday they had secured financing of 3.19 billion dirhams ($869 million) for Abu Dhabi’s Taweelah water desalination plant.

The project would be the world’s largest reverse osmosis desalination plant, the two companies said in a statement.

Abu Dhabi, capital of the United Arab Emirates, is building the Taweelah water desalination plant independent of a power generation plant for the first time. It has traditionally built water and power plants side by side.

The plant will supply 909,200 cubic meters per day (m3/day) of water, 44% more than the world’s current largest reverse osmosis plant of 624,000 (m3/day), meeting the water demand of 350,000 households, the statement said.

The financing was a combination of 2.71 billion dirhams in loans, with the remainder from shareholders and operating cash flow from pre-operations, it added.

Local and international banks including Emirates NBD , Natixis Mizuho Bank Siemens Bank, Bank Boubyan and the Norinchukin Bank have provided the loans.

Abu Dhabi Power Corporation and Mubadala Investment Company hold a 60% equity interest in the Taweelah project while ACWA Power holds the remaining 40%. EWEC is a subsidiary of Abu Dhabi Power Corporation.

The plant is due to start full commercial operations in the fourth quarter of 2022. (Reporting by Stanley Carvalho; Editing by Alexander Smith)

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