OR WAIT null SECS
The 150 MIGD Umm Al Quwain Independent Water Project (IWP) in the United Arab Emirates is on a strong footing now with funds being secured.
A consortium consisting of ACWA Power and MDC Power Holding Company LLC, an entity fully owned by Mubadala Investment Company PJSC (Mubadala) along with the Federal Electricity & Water Authority (FEWA) has achieved the financial closure for the project.
Some $600 million of the $800 million project will be funded seven international and local lenders including Korea Development Bank, MUFG Bank, Siemens Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, First Abu Dhabi Bank and Samba Financial Group.
The UAQ IWP is an Independent Water Project (IWP) based on Reverse Osmosis Technology. The plant will produce 150 MIGD (682,000 m³/day) of desalinated water and will be located at a coastal site in the Emirate of Umm Al Quwain along the border of Emirate of Ras Al Khaimah. The Water Purchase Agreement (WPA) with the Federal Electricity and Water Authority (FEWA) has been signed for a term of 35 years, and the plant is expected to be commercially operational by July 2022.