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EWEC, ACWA Power announce financial closing of Taweelah desalination plant

EWEC, ACWA Power announce financial closing of Taweelah desalination plant
The plant will be located at Taweelah complex
Emirates NBD
EMIRATESNBD
0.41% 12.10 0.05
BOUBYAN
BOUBYAN
1.08% 560.00 6.00

UAE – Mubasher: Emirates Water and Electricity Company (EWEC), a subsidiary of Abu Dhabi Power Corporation (ADPower), and Saudi Arabia's ACWA Power have announced the successful financial closing of the AED 3.19 billion Taweelah reverse osmosis desalination plant.

The project will be financed by a combination of senior project finance loans worth a total of AED 2.71 billion, along with equity contributions from shareholders and operating cash flow from pre-operations, according to the Emirates News Agency.

Loans were arranged by a group of local and international banks including Emirates NBD, Natixis, Mizuho Bank, Siemens Bank, Bank Boubyan and The Norinchukin Bank.

"We are delighted to announce that our financial targets have been met and that this new initiative can now get underway,” EWEC’s CEO Othman Al Ali said.

Slated for completion, Taweelah plant will be located at Taweelah power and water desalination complex in Abu Dhabi.

ADPower and Mubadala Investment Company hold a 60% equity interest in the Taweelah project while ACWA Power holds the remaining 40%.

"The financial closing of the Al Taweelah plant with renowned institutions was made possible by our cooperation, the scale and impact of this project and the future growth and development we anticipate in the UAE,” ACWA Power’s chairman Mohammad Abunayyan stated.

The Taweelah plant is planned to supply 909,200 cubic metres of purified water per day, meeting the demand of over 350,000 households.