Saudi Arabian Company SWPC has invited developers to submit expressions of interest (EOI) for the planned Ras Mohaisen independent water project (IWP).
The appointed developer will sign a 25-year water purchase agreement ‘WPA’ with SWPC, SWPC’s obligations supported by a credit support agreement from the Saudi government.
SWPC has appointed KPMG Al-Forzan & Partners and lead adviser and financial adviser, Eversheds Sutherland as a legal adviser and WSP as a technical adviser.
As with most of the kingdom’s utility sector, the push towards utilizing public-private partnership (PPP) models to develop power and water projects has been swift since the fall in oil prices in 2014 and the subsequent launch of the Vision 2030 economic reform plan in 2016.
The kingdom awarded the contract for its first PPP standalone desalination plant, the $700m Rabigh 3 IWP in late December 2019. An Acwa Power-led consortium will develop the 600,000 cm/d plant, one of the largest reverse osmosis (RO) plants in the world.