Abu Dhabi National Oil Co. (ADNOC) and Abu Dhabi National Energy Co. PJSC (TAQA) has awarded a sustainable water supply project estimated at around 8.8 billion dirhams ($2.4 billion) to a company in which they will hold the majority stake with the remaining 49% being held by a consortium.

The consortium, comprised of Orascom Construction and Metito, will arrange the project financing for the construction phase and develop the project under a build, own, operate and transfer (BOOT) model, with the full project being returned to ADNOC after 30 years of operation, a joint statement from the state energy major and TAQA said on Wednesday.

The project will develop a centralized seawater treatment facility and transportation network for operations at the Bab and Bu Hasa fields in Abu Dhabi, replacing the current high-salinity, deep aquifer water systems at the fields, reducing water injection related energy consumption by up to 30%. The project will be connected to the grid and will receive all of its power from clean energy sources, they said.

More than 60% of the project value during the development and operation phases will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program.

(Writing by Brinda Darasha; editing by Seban Scaria)