Saudi Arabia’s International Company for Water and Power Projects, also known as ACWA Power, has announced the start of operation of the new water desalination facility in the kingdom.
The financial impact of operating the plant, called Rabigh Three IWP, will be reflected in the Q1 2022 income statement of the company, the utility developer told the Saudi Stock Exchange (Tadawul) on Thursday.
The reverse osmosis-based plant is said to be the largest of its kind in the world. It is expected to provide water supply to more than three million consumers in the cities of Makkah Al-Mokarramah, Jeddah and Mastorah.
ACWA Power had won the bid to develop the desalination plant alongside the Saudi Brothers Commercial Company (SBCC) after submitting the lowest tariff at 0$.53/m3.
The consortium of ACWA Power and SBCC owns 70 percent of the facility’s holding company.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.© ZAWYA 2022