Saudi Arabia’s utility developer ACWA Power has entered into a SAR3 billion ($800 million) agreement with Senegal. The Saudi company, which is partially owned by the sovereign Public Investment Fund (PIF), signed a water purchase agreement with Senegal’s Ministry of Water and Sanitation and Société Nationale des Eaux du Senegal (SONES) for the construction of a desalination plant in Dakar, Senegal.
Read more: Saudi Arabia’s ACWA Power net profit soars 8 percent to $443 million in 2023
Furthermore, the plant, known as the Grande Côte seawater desalination plant, will have a capacity of 400,000 cubic meters per day and will be developed, financed, built, and operated by ACWA Power.
ACWA POWER Company announces the signing of a water Purchase agreement in Senegal. https://t.co/mO8filTfnO
— Tadawul News (@TadawulFeed) March 28, 2024
Additionally, ACWA Power will also be responsible for the design and construction of the necessary infrastructure.
The construction of the desalination plant will further be carried out in two phases, with each phase having a capacity of 200,000 cubic meters per day.
Moreover, the contract between ACWA Power and Senegal has a duration of 32 years, and the financial impact of the project is expected to be realized after the completion of the first phase, which is scheduled to become operational by the first quarter of 2028, as stated by ACWA Power in a filing with the Saudi Tadawul stock exchange.
In January 2024, ACWA Power signed an agreement with Egypt for wind energy production in the Gulf of Suez and Gulf of Zeit. The project aimed to generate a capacity of 1.1 gigawatts and investments amounting to $1.5 billion.
In Decemeber 2023, Egypt signed another agreement with ACWA Power to develop a green hydrogen project. The project’s investments exceeded $4 billion.
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