Sharjah confirms $693m water desalination project

Saudi renewable major Acwa Power will build a new water desalination plant in Sharjah.

The new independent water plant (IWP), which will be constructed at Hamriyah, Sharjah, will need an investment of SAR2.6 billion ($693 million). It will have a capacity of 410,000 cubic metres per day.

The project scope includes development, design, financing, engineering, procurement, construction, commissioning, completion, maintenance and insurance.

---

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

---

Hamriyah Developer Holding Co, owned 45 percent by the Saudi company, has secured a 30-year off-take agreement with the Sharjah Electricity, Water and Gas Authority (SEWA).

Commercial operations are expected to commence by the second quarter of 2028.

Last week, Acwa Power secured SAR9.7bn from a consortium of eight regional and global banks to fund three mega solar projects in Saudi Arabia.

• Acwa Power profit surges on divestment gains
• Sharjah to quadruple FDI to $10bn
• Acwa Power bids to turbocharge Saudi’s green targets

It has also appointed Citigroup Saudi Arabia, SNB Capital, and J.P. Morgan Saudi Arabia as financial advisors for the SAR7 billion rights issue, which was announced in June.

The renewables energy company expects to double its average annual equity commitment – the amount of money available for investment – from $1 billion-$1.3 billion to $2 billion-$2.5 billion.