{"id":92741,"date":"2024-06-05T00:00:00","date_gmt":"2024-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/taqa-reaches-financial-close-on-saudi-aed-1-5-bn-water-project\/"},"modified":"2024-06-05T00:00:00","modified_gmt":"2024-06-05T00:00:00","slug":"taqa-reaches-financial-close-on-saudi-aed-1-5-bn-water-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/05\/taqa-reaches-financial-close-on-saudi-aed-1-5-bn-water-project\/","title":{"rendered":"Taqa reaches financial close on Saudi AED 1.5 bn water project"},"content":{"rendered":"

Taqa secures financing from local and int\u2019l lenders for AED 1.5 bn Saudi water project:<\/strong> A consortium comprising Abu Dhabi National Energy Company (Taqa), Saudi\u2019s Vision International Investment Company (Vision Invest)<\/a> and the Gulf Investment Corporation (GIC)<\/a>, secured 82% of the AED 1.5 bn in financing for Juranah Independent Strategic Water Reservoir<\/a> in Makkah from local and international lenders, according to a p<\/a>ress release<\/a>(pdf)<\/a>. No information was disclosed on the remaining portion of the funding. <\/p>\n

Refresher:<\/strong> 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\u2019s operations and maintenance company. Details regarding the share distribution among the rest of the members of the consortium have not been disclosed.<\/p>\n

Who\u2019s in?<\/strong> 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<\/a>. <\/p>\n

The project\u2019s details: <\/strong>The project<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Taqa owns a 35% stake in the project\u2019s company<\/p>\n","protected":false},"author":1,"featured_media":92742,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[68,118,152],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-saudi-arabia","tag-taqa","wpautop","entry"],"acf":{"mongo_id":"77e1114b-5831-448d-a9bf-7190b95ffd5f","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1826.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Taqa reaches financial close of Saudi AED 1.5 bn water project","related_issue":[92727],"teaser":"Taqa owns a 35% stake in the project\u2019s company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.8e01c0e1-a83e-4fd7-9f78-24d7bf549597.mp3"},"yoast_head":"\nTaqa reaches financial close on Saudi AED 1.5 bn water project - 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