ENGIE And Saudi Water Partnership Company (SWPC) announced the financial closure of solar-powered water desalination.
The Jubail 3B Independent Water Project (IWP) is the largest solar-powered water desalination project in the Kingdom.
The project is part of the water schemes in Saudi Arabia developed under the public-private partnership (PPP) structure.
The consortium is developing and financing the desalination plant, which will be operated and maintained by ENGIE.
The Jubail 3B project was awarded by SWPC as a build, own, operate (BOO) contract, with commercial operation expected in 2024, it said.
ENGIE holds 40% of the project, while Saudi-based Nesma Co. and Abdulaziz Al Ajlan Sons for Commercial and Real Estate Investment hold 30% each.
On 29 April, SWPC awarded the ENGIE-led consortium a 25-year Water Purchase Agreement, and the contract was signed on 22 June.