Saudi Water Partnerships Company (SWPC) successfully achieves the financial close for Tabuk-2 Independent Sewage Treatment Plant (ISTP) with the participation of partners from the relevant authorities such as the supervisory committee at the Ministry of Environment, Water and Agriculture, developers and consultants.
Tabuk-2 is an Independent Sewage Treatment Plant with a capacity of 90,000m3 per day with a total cost of around $145.8mn, to be built and operated by the private sector for a period of 25 years from the commercial operation date.
The winning consortium of the project consists of Acciona, Tawzea and Tamasuk.
It is noteworthy that despite the current conditions and obstacles caused by Covid-19, being that the pandemic has obstructed most major projects and stopped domestic and international air traffic, SWPC has still succeeded in closing the project.
SWPC’s pandemic-proof strategy
Khalid AlQureshi, CEO of SWPC, said: “Despite the fluctuations, liquidity crises and changing global market conditions, the SWPC and the consortium succeeded in completing the financial closure procedures in close cooperation with the group of lenders, which indicates the company’s efforts.
“Saudi Water Partnership will provide full support for investment projects and enhance private sector participation in sustainable development by providing the opportunity for local and foreign investors to participate in the implementation of these projects.
“This means achieving sustainable development, providing job opportunities for young people, and supporting local products and balanced development, in order to achieve the strategic objectives contained in Saudi Arabia’s vision 2030, as well as the initiatives approved by the Saudi Council of Ministers.”
AlQureshi added: “Reaching this stage in the project and starting construction works under these difficult circumstances is a complete indication of investor confidence in the investment environment in the Kingdom of Saudi Arabia and the suitability of the investment environment for the private sector.”