Riyadh – Mubasher: Rawabi Water Desalination Company, partly owned by ACWA Power Company, signed a water purchase agreement worth SAR 2.54 billion with the Saudi Water Partnership Company.
The two entities will join forces to develop a water desalination plant using reverse osmosis technology, with a daily capacity of up to 600,000 cubic metres. They will also establish an associated infrastructure and facilities in the Western Province of Saudi Arabia including potable water tanks with a capacity of 1.20 million cubic metres.
It is worth noting that the two firms penned the 25-year deal on 12 April 2023, according to a bourse disclosure.
ACWA Power highlighted that the joint project will reflect on its revenues when the facilities commence operating in 2026.
Earlier this month, the Tadawul-listed firm received a commercial operation certificate from Saudi Water Partnerships for the Jazlah Water Desalination Company in Jubail.
Last year, the net profits after Zakat and tax of ACWA Power widened by 102.96% to SAR 1.54 billion from SAR 758.79 million in 2021.
