JGC Corporation, United Infrastructure Development Company (part of Bahwan Engineering Group) and Doosan Heavy Industries & Construction have achieved financial close of the Sharqiyah Independent Water Project (IWP) in Oman.
The Sharqiyah IWP involves the construction, operation and maintenance of a reverse osmosis seawater desalination plant that will sell approximately 80,000m3 of desalinated water per day for 20 years to the Oman Power and Water Procurement Co. SAOC (OPWP) – the single buyer of power and water for all independent power and water projects within Oman.
This is the first project of its kind in the Middle East, as the desalination plant will be developed in conjunction with a dedicated solar photovoltaic facility, which will contribute power to the desalination process.
MUFG Bank, Sumitomo Mitsui Trust Bank and Shinsei Bank financed the JPY20 billion (~US$175 million) project. Nippon Export and Investment Insurance (NEXI) provided the loan insurance – the first time they have provided insurance for a seawater desalination plant project in Oman. The sponsors received legal advice from Hogan Lovells.