Taqa secures financing from local and int’l lenders for AED 1.5 bn Saudi water project: A consortium comprising Abu Dhabi National Energy Company (Taqa), Saudi’s Vision International Investment Company (Vision Invest) and the Gulf Investment Corporation (GIC), secured 82% of the AED 1.5 bn in financing for Juranah Independent Strategic Water Reservoir in Makkah from local and international lenders, according to a press release(pdf). No information was disclosed on the remaining portion of the funding.

Refresher: The companies inked agreements for the project with Saudi Water Partnership Company in late December 2023 to address pressing water requirements throughout Saudi Arabia and manage peak demand for water in Makkah and Madinah during the Hajj season. Taqa owns a 35% shareholding in the project company and a 50% stake in the project’s operations and maintenance company. Details regarding the share distribution among the rest of the members of the consortium have not been disclosed.

Who’s in? Alinma Bank, Banque Saudi Fransi (BSF), Saudi Investment Bank (SAIB) and Commercial Bank of Dubai (CBD) are funding the project. The Saudi Water Partnership Company had said it reached financial closure last week.

The project’s details: The project will be executed under a build, own, operate, and transfer (BOOT) model with a 30-year concession and is set to begin operations in 1Q 2027. ISWR has a storage capacity of 2 mn cubic meters and an operational tank capacity of 500k cubic meters to support the potable water distribution system.

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