Saudi Water Partnership Company (SWPC) and the consortium led by the Metito Group comprising the companies; “Metito”, “Mowah”, and “Orascom Construction” announces the successful financial closing of Dammam independent sewage treatment plant, ISTP.
The project is Saudi Arabia’s first ISTP, to be awarded to the private sector under the Build Own Operate Transfer (BOOT) concession model with a tenor of 25 years.
The project is worth $245 million with the investment made up of a combination of equity and debt.
As per the statement, funding of the project sourced from a combination of senior project finance loans in addition to equity contributions from shareholders. Non-recourse project financing is provided by a group of local and international banks, including The National Commercial Bank (NCB), Sumitomo Mitsui Banking Corporation Europe Limited (SMBC), and Arab Petroleum Investment Corporation (APICORP), worth a total of $160million.
The Dammam ISTP has a designed capacity of 350,000 cubic meters per day and an initial capacity of 200,000 cubic meters per day and will serve the western region of Dammam.
The Consortium scope of work covers the entire investment and includes the EPC and O&M which will be executed by a wholly owned Saudi-based company established by the Consortium to serve the project, the Dammam West Company for Water.
“Despite global volatility and liquidity issues, and ever-changing market conditions, SWPC and the Consortium were able to successfully reach financial closing, in close cooperation with the lenders group.” Said Khaled AlQureshi, CEO of SWPC.
‘The financial structure for this project is a testament to its importance, scale and impact, and the confidence of all stakeholders in its sustainable success.” Said Rami Ghandour, Metito Managing Director.
The Project Commercial Operation Date (PCOD) is 2022.
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