ACWA Power said on Wednesday it signed a water purchase agreement with Dubai Electricity and Water Authority (DEWA) for the Hassyan independent seawater desalination project, valued at about $478 million (SR1.79 billion).
The reverse osmosis plant, located in the Hassyan complex in Dubai, will have a capacity of about 272,000 cubic meters of desalinated water a day, the company said in a Saudi Exchange filing reported by Mubasher.
ACWA Power will hold a 40% stake in the project, which it will develop, finance, build, operate and maintain under an agreement running for up to 30 years.
The company said it expects the financial impact to begin in 2030, after the project is completed. It said no related parties are involved in the deal.
