Abu Dhabi National Energy Company PSJC (TAQA) along with Vision International Investment Company (Vision Invest) and Gulf Investment Corporation (GIC), have secured the financial closing of around 1.5 billion dirhams ($408 million) for a water project in Saudi Arabia.

The consortium will build, own, operate the Juranah Independent Strategic Water Reservoir Project (ISWR-1) for 30 years before transferring the ownership to the Saudi Water Partnership Company (SWPC).

The project is the first of its kind in Saudi Arabia with private sector participation, following the launch of the National Water Strategy. Its commercial operation is set to begin in the second quarter of 2027.

The project cost, worth around AED 1.5 billion, has been secured through approximately 82% debt funding from both local and international banks, including Alinma Bank, Banque Saudi Fransi (BSF), Saudi Investment Bank (SAIB) and Commercial Bank of Dubai (CBD).

TAQA, a diversified utilities and energy group based in Abu Dhabi, holds a 35% stake in the project company and a 50% shareholding in the operations and maintenance (O&M) company, led by TAQA itself, a statement said on Tuesday.

(Reporting by Brinda Darasha; editing by Seban Scaria)