Orascom Construction’s consortium achieves financial close of $2.2B water project in UAE
Updated 9/26/2023 7:42:00 AM
Arab Finance: A consortium of Orascom Construction PLC and Metito, in cooperation with the Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA), has successfully completed the financial close of a $2.2 billion mega seawater treatment and water transportation project in Abu Dhabi, as per an emailed press release.
The project’s investment cost consists of both debt and equity, with the non-course financing to be financed by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates Development Bank, Emirates NBD Bank, First Abu Dhabi Bank, Gulf International Bank, Natixis, and Warba Bank.
The project will involve a seawater nanofiltration plant with a treatment capacity of over 110 million imperial gallons per day, a water transmission pipeline of nearly 75 kilometers (km), and an in-field distribution network of over 230 km to support and maintain reservoir pressure at the Bab and Bu Hasa fields in Abu Dhabi.
This financial closing allows the execution of the project’s engineering, procurement, and construction (EPC) works at full speed, in addition to commencing the commercial operations as scheduled in June 2026.
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