TAQA, Vision Invest with GIC Consortium Bags Strategic Water Reservoir Project in Makkah
Energy and water firm TAQA signed a consortium with Saudi Water Partnership Company (SWPC) for Juranah Independent Strategic Water Reservoir Project (ISWR-1) in Saudi Arabia, on Tuesday.
The consortium includes three firms in all, which are Vision International Investment (Vision Invest), development and investment holding company along with Gulf Investment Corp (GIC), financial service provider and TAQA, said the firm.
The company also said the project is estimated at 1.5 billion Emirati dirham ($408.3 million), with debt funding expected to account for about 80%. Additionally, TAQA said it is taking 35% shares in the project and a 50% stake in the operations & maintenance company.
Under the terms of the project, the power-generating firm said, the consortium will be responsible for building, owning, and operating the water reservoir infrastructure for 30 years before transferring the ownership to SWPC.
Abu Dhabi National Energy Company said the ISWR-1 project is built under the BOOT (Build, Own, Operate, Transfer) model, reflecting active private sector involvement in water infrastructure development.
TAQA said it will take the lead for O&M activities through an independent O&M company, jointly owned by Vision Invest.
“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%,” said Engineer Khalid Al-Quraishi, chief executive of Saudi Water Partnership Company.
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