The Dubai Electricity and Water Authority (DEWA) and Saudi renewable energy giant Acwa Power reached financial close on the Hassyan water desalination project in Dubai, Dewa said in a disclosure (pdf) to the DFM yesterday. The announcement comes weeks after Acwa Power secured SAR 2.77 bn (USD 738.4 mn) from local and international lenders to fund the development and construction of the AED 3.4 bn (USD 925.8 mn) solar-powered Hassyan project. Acwa Power’s investment in the project amounts to approximately USD 1 bn, with the Saudi company securing SAR 2.77 bn (USD 740 mn) from local and international lenders in late February.

The largest of its kind: The facility, which is set to produce 180 mn imperial gallons per day (MIGD), is the “world’s largest project of its kind using reverse osmosis technology under the Independent Water Producer (IWP) model,” according to the statement. Acwa Power holds a 20.4% stake in the project. Dubai’s desalinated water production capacity, currently at 490mn imperialgallons per day, is anticipated to rise to 670 mn gallons per day by 2026 upon the project’s completion.

REFRESHER- Dewa is buying water from the Hassyan plant: Dewa signed a 30-year water purchase agreement with Acwa Power to buy water from phase 1 of the desalination plant. Dewa will purchase the desalinated water at a price of around USD 0.365 per cbm — the lowest bid the Dubai state facility received.

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