Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA), Vision International Investment Company (Vision Invest), and Gulf Investment Corporation (GIC) closed the financing arrangements for the Juranah Independent Strategic Water Reservoir Project (ISWR-1) in Saudi Arabia.

The Juranah ISWR-1 financial closing followed the consortium’s agreements with the Saudi Water Partnership Company (SWPC) in December 2023, according to a press release.

The joint venture (JV) was valued at AED 1.50 billion and was secured through nearly 82% debt funding from both local and international banks.

The lenders included Alinma Bank, Banque Saudi Fransi, Saudi Investment Bank (SAIB) and Commercial Bank of Dubai (CBD), reflecting the consortium's financial strength and the project's strategic importance.

Meanwhile, TAQA holds a 35% stake in the project company and a 50% shareholding in the operations and maintenance (O&M) company.

It has a total storage capacity of 2 million m³, which is being developed under a build, own, operate and transfer (BOOT) scheme. The JV also holds an additional 500,000 m³ capacity operational tanks under a design, build, transfer (DBT) model, which will enhance the potable water transmission and distribution system.

Omar Al Hashmi, CEO of Transmission & Distribution, TAQA, said: “This project underscores our commitment to supporting sustainable development in the region and aligns with our strategy to expand our Transmission and Distribution business internationally."

In the three-month period that ended on 31 March 2024, TAQA witnessed a decline in net income to AED 2.13 billion, compared to AED 11.56 billion a year earlier.