Dubai: A consortium composed of ACWA Power Projects, Gulf Investment Corporation (GIC), and Mitsubishi Corporation yesterday entered into a series of agreements with Water and Electricity (WEC) for the development of the $1.9 billion Shuqaiq Independent Water and Power Project (IWPP).
The project, on the southwestern coast of Saudi Arabia, consists of a thermal power plant and a reverse osmosis technology desalination plant together with all support facilities, such as fuel unloading platform and water intake and discharge structures. The complex will have a capacity to export 850 MW of power and 212,000 cubic metre per day (47 million imperial gallons per day) of water.
The project, to be developed on a BOO (build, own, operate) basis, will be located at Shuqaiq, and will substantially increase power and water supplies to the south region. The Project is the second IWPP being developed by WEC and represents a major development in the Saudi water and power sector to help satisfy the increase in demand.
The IWPP was awarded to the consortium following an international competitive tendering process organised by WEC. The process attracted three offers, a reflection of the interest and confidence that international and regional power developers have in the project and the Kingdom of Saudi Arabia.
