ACWA Power inks $650m financing deal for Jubail-3A IWP

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Updated 10 September 2020

ACWA Power inks $650m financing deal for Jubail-3A IWP

ACWA Power, a Saudi Arabian developer, investor and operator of power generation and desalinated water plants, has announced the successful signing of senior financing agreements for the $650 million Jubail-3A independent water project (IWP).

The project is the fourth seawater reverse osmosis (SWRO) desalination project to be awarded in Saudi Arabia over the last 3 years, as part of the largest public-private partnership desalinated water procurement program in the world. Jubail-3A IWP will utilize reverse osmosis technology to yield a capacity of 600,000 cubic meters a day.

The utility-scale project had been awarded to the consortium led by ACWA Power, in association with Gulf Investment Corporation (GIC) and Al-Bawani Water and Power Company (AWP), earlier this year at a world-record tariff of 41 cents per m3 for desalinated potable water. The water purchase agreement was signed on May 21 by Saudi Water Partnership Company (SWPC) in its capacity as the off-taker of the project.

The transaction is financed through limited recourse ring-fenced project financing with Al-Rajhi Bank, Abu Dhabi Islamic Bank, Riyad Bank and Mizuho Bank being the initial mandated lead arrangers. In addition, Riyad Bank and Bank AlJazira have already provided equity bridge loans for the transaction earlier this month.

Paddy Padmanathan, president and CEO of ACWA Power, said: “The signing of the financing agreements for the Jubail-3A IWP in less than four months from the date of signing the water purchase agreement, especially in the midst of a pandemic which is causing global disruption, is testament to the financial community’s confidence in ACWA Power’s proven capabilities in delivering large-scale utility plants, and an indication of the unwavering support of our partners, including our lenders, contractors and advisers.”

Rajit Nanda, chief investment officer of ACWA Power, said: “We take this opportunity to thank SWPC and the various authorities within Saudi Arabia whose immense support and cooperation have enabled our swift progress in the project’s development.”

 “We take great pride in having broken the record for the lowest tariff for desalinated potable water, thrice in the last 3 years, including for the Jubail-3A IWP.”

The commercial operation of the plant is scheduled to begin toward the end of 2022. The engineering, procurement and construction (EPC) contract for the project was awarded to a consortium of SEPCOIII, Power China and Abengoa. The operations and maintenance agreement was signed with an affiliate of First National Operations and Maintenance Co. Ltd. (NOMAC). The plant is located in Jubail.

Community Jameel fund to support RCM students

Updated 30 September 2020

Community Jameel fund to support RCM students

The Royal College of Music (RCM) in London, one of the world’s greatest conservatoires, has announced the establishment of the Community Jameel Hardship Fund to support RCM students who are experiencing unexpected difficulty or financial hardship, for an initial period of three years. All students are eligible to apply.

The new fund represents a continuation of the RCM’s relationship with the global philanthropy Community Jameel, which in November 2019 saw the launch of a scholarship supported by Community Jameel and the Andrea Bocelli Foundation.

The first Jameel Scholar to be supported by the Community Jameel Hardship Fund for the 2020/21 academic year is Tunisian violinist Bacem Anas Romdhani. Having graduated from the RCM with a masters in 2020, Romdhani will study for an artist diploma.

Professor Colin Lawson, director of the RCM, said: “I am enormously grateful on behalf of everyone at the RCM for Community Jameel’s continued support of our students. In what has been an immensely challenging year, Community Jameel’s generous gift will have a significant impact for those who have unexpectedly found themselves facing financial hardship. The RCM has a long history of philanthropic support which provides greater access to our world-leading education.”

Mohammed Jameel KBE, founder of Community Jameel, said: “At Community Jameel, we are committed to supporting access to quality musical education, particularly for students from the Arab world, a region with a longstanding tradition of producing world-class composers, conductors and performers, and home to opera houses, concert halls and orchestras.

“Through the Community Jameel Hardship Fund, we are proud to be partnering again with the RCM to support students facing financial difficulties, and assisting international students from the Arab world to attend one of the world’s best conservatoires.”

This Hardship Fund continues the support of Community Jameel for the institutions of South Kensington, including the Jameel Gallery at the Victoria and Albert Museum, the Jameel Institute at Imperial College, and the Bocelli-Jameel Scholarship at the RCM.

Any surplus in the fund will provide scholarship support for international students, with a preference for students from the Arab world.

More than 50 percent of current RCM students have received financial support during their studies through scholarships and awards, thanks to the generosity of a variety of charitable trusts, companies, businesses, individual members of the public and legacies.

Founded in 1883, the Royal College of Music is a world-leading music conservatoire with a prestigious history and contemporary outlook. For the fifth consecutive year in 2020, the RCM was ranked as the top institution in the UK for the performing arts in the QS World University Rankings.