Category: Water Deal of the Year
Winning entry: Jubail 3B Desalination, Saudi Arabia
Few projects can exemplify Saudi Water Partnership Company’s (SWPC) water sector revolution better than the splitting of Jubail IWPP into 2, the second of which – Jubail 3B – has was brought to financial close by an Engie-led team in October 2021. The sponsors signed off on a $550 million soft mini-perm, starting at 125bp over Libor – but the debt pricing rose during the financing process as oil prices fell in 2020, causing a liquidity crisis in the kingdom. Jubail 3B will include a 60MW capacity solar power plant to reduce its reliance on the national grid. Meanwhile, the 570,000 cubic metres per day (m3pd) reverse osmosis desalination plant will serve Riyadh and Qassim with potable water. In addition, it will include one-day storage facilities and 380kV Electrical Special Facilities with around 59km of overhead transmission lines (OHL).