Financial closing of the world’s largest reverse osmosis desalination plant has been announced.
Emirates Water & Electricity Company (EWEC), a subsidiary of Abu Dhabi Power Corporation, and Saudi Arabia's ACWA Power have agreed terms for the facility, which will be located at the Taweelah power and water desalination complex in Abu Dhabi.
Othman Al Ali, CEO of EWEC, said: "We are delighted to announce that our financial targets have been met and that this new initiative can now get underway.
“This financial structure is testament to the world-class quality of the plant, which will pave the way for future developments that will contribute to a more efficient and sustainable water and energy sector in the country.
“This reverse osmosis desalination plant supports the UAE’s vision in reducing carbon dioxide emissions, while significantly reducing gas consumption by decoupling power and water production for the winter and summer seasons."
Senior project finance loans coupled with equity contributions from shareholders and operating cashflow from pre-operations is behind the $868million development.
The plant will set new benchmarks for its size, efficiency and cost of water produced.
Supplying 909,200 m3/day, it will be 44% larger than the world’s current largest reverse osmosis plant of 624,000 m3/day.
Mohammad Abunayyan, chairman of ACWA Power, added, "Achieving such a strategic milestone at this stage in our relationship with EWEC is a sure indicator of the type of success we can expect from this project.
“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.
“We are truly delighted to play a role in the Independent Water Producers programme launched by EWEC helping secure the water needs for its communities."
The project is slated for completion in 2022, and will serve 350,000 homes when at operational capacity.