ABU DHABI: Abu Dhabi National Energy Company (TAQA), alongside Vision International Investment Company (Vision Invest) and Gulf Investment Corporation (GIC), announced the achievement of the financial closing for the Juranah Independent Strategic Water Reservoir Project (ISWR-1) in Makkah region, Saudi Arabia.
Together with Vision Invest and GIC, the consortium has successfully completed all financing arrangements for this groundbreaking project.
The Juranah ISWR-1 financial closing follows the signature by TAQA, Vision Invest, and GIC Consortium of the relevant project agreements with the Saudi Water Partnership Company (SWPC), held on 31st December 2023.
The project cost, worth around AED1.5 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), demonstrating strong confidence from financial partners in the consortium’s financial strength an
d the project’s strategic importance.
TAQA holds a 35% stake in the project company and a 50% shareholding in the operations and maintenance (O and M) company, led by TAQA itself.
The Juranah ISWR-1 Project is pivotal in addressing emergency municipal water demand across the Kingdom, specifically in Makkah and Madinah regions during the Hajj season.
With a total storage capacity of 2,000,000 m³, being developed under a Build, Own, Operate and Transfer (BOOT) scheme, and an additional 500,000 m³ capacity operational tanks under a Design, Build, Transfer (DBT) model, the project aims to significantly enhance the potable water transmission and distribution system.
Omar Al Hashmi, Chief Executive Officer of Transmission and Distribution at TAQA, commented, “Achieving financial closure for the Juranah ISWR-1 Project is a significant milestone for TAQA and our partners. This project underscores our commitment to supporting sustainable development in the region and aligns with our strategy to expand our Transm
ission and Distribution business internationally.”
For Vision Invest, this reflects their shared commitment to excellence and their unwavering focus on efficiency and reliably meeting the Saudi community needs. This project highlights GIC’s role in developing pioneering, commercially viable infrastructure projects that are essential for the growth of GCC economies.
Source: Emirates News Agency