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TAQA joins consortium for AED 1.5bn project in Saudi Arabia

TAQA joins consortium for AED 1.5bn project in Saudi Arabia
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Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) participated in a consortium for the Juranah Independent Strategic Water Reservoir Project (ISWR-1) in Saudi Arabia.

The consortium also includes Vision International Investment Company (Vision Invest) and Gulf Investment Corporation (GIC), according to a press release.

The parties signed agreements with Saudi Water Partnership Company (SWPC) for the AED 1.50 billion joint project.

To be implemented in the Makkah region, the Juranah ISWR-1 Project is the first of its kind in Saudi Arabia, as it will be executed under the build, own, operate, transfer (BOOT) model.

The ADX-listed company will act as the lead member for the operations and maintenance (O&M) activities through a specialised standalone O&M firm that will be co-owned by Vision Invest. In this regard, TAQA will hold a 35% share in the project firm and a 50% stake in the O&M entity.

Under the terms of the project, the consortium will be responsible for building, owning, and operating the water reservoir infrastructure for 30 years before transferring the ownership to SWPC.

The strategic tanks have a total storage capacity of 2 million cubic metres (m3). Meanwhile, operational tanks with a capacity of 500,000 m3.

Khalid Al Quraishi, CEO of SWPC, said: “The project will operate under the BOOT system, and the commercial operation of the project will begin in the second quarter of 2027.”

Al Quraishi noted: “The project will contribute to reducing levels of electrical energy consumption, as the project includes solar energy units to reduce electricity consumption from the network and achieve the availability of stored water by 100%, in addition to decreasing operating costs and supporting local content by increasing the percentage of localization in business and human resources.”

Jasim Husain Thabet, TAQA’s Group CEO and Managing Director, commented: "This project aligns with TAQA's commitment to sustainable development and innovation, and we look forward to delivering a robust and reliable water supply system for the community."

Last month, TAQA closed the financial process AED 1.60 billion low-carbon intensive Shuweihat 4 Reverse Osmosis Seawater Desalination project (S4 RO), along with GS Inima and EWEC.