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Marafiq will own 35% of the project company; project likely to achieve financial close in the third quarter of 2024
Saudi-listed Power and Water Utility Co. for Jubail and Yanbu (Marafiq) will join the Miahona Company-BESIX consortium to develop the 1.5 billion Saudi riyals ($400 million) Al-Haer independent sewage treatment plant (ISTP) project in Riyadh.
The Miahona-BESIX consortium signed the project agreement with the Saudi Water Partnership Company (SWPC) in March 2024 after being declared the preferred bidder in November 2023.
Marafiq will own 35 percent of the project company, while Miahona will maintain its 45 percent stake, a stock exchange statement from Marafiq said.
The financial close is expected in the third quarter of 2024 while commercial operations are likely to start in the first quarter of 2027, the statement noted.
The project involves the construction and operation of a 200,000 cubic metres per day (m3/day) sewage treatment plant on a Build, Own, Operate, and Transfer (BOOT) basis for a 25-year period. It also includes a Treated Sewage Effluent (TSE) re-use system consisting of 32km transmission pipeline with a capacity of 400,000 m3/day, a TSE pumping station and TSE reservoir tanks with a capacity of 200,000 m3. |
