Taweelah IWP obtains the very first “sustainable loan” qualification for a desalination project

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This project finance loan is dedicated to finance the design, construction, operation and maintenance of a state-of-the-art 200 million Imperial gallons per day standby osmosis plant and infrastructure and associated facilities. The plant will be built in the existing complex in Taweelah, Emirate of Abu Dhabi, United Arab Emirates. The project also includes a state-of-the-art 68 MW photovoltaic power plant to supplement the buyer’s grid energy supply.

ACWA Power is the main developer and operator of the project and a 40% shareholder, with the remaining 60% being contributed by the Abu Dhabi government through Abu Dhabi Power Corporation and Mubadala Development Company PJSC. Emirates Water & Electricity Company (EWEC), an entity wholly owned by the government of Abu Dhabi and the region’s water and electricity supplier, is the sole purchaser of the project under a contract for 30 years.

ACWA Power’s proposed tariff for Al Taweelah’s IWP was the lowest ever reached in the world for desalinated water. The project, once built, will also set another world record using the lowest amount of energy per gallon of desalinated water produced. The plant will play a critical role in meeting Abu Dhabi’s peak water demand, which is expected to increase by 11% between 2017 and 2024.

According to Vigeo Eiris, the Taweelah project will be “a state-of-the-art desalination plant, incorporating modern and energy-efficient technologies for water production (seawater reverse osmosis), higher standards and control of the quality of the water in its effluents ”. The technology used is considered by the World Bank to be the most energy efficient and best in class among existing desalination technologies. Vigeo Eiris expects “the new desalination plant to dramatically increase – almost doubling – the volume of water supply available to the local water network and the population, aligned with the expected doubling of local water demand. by 2050 ”.

Thanks to the photovoltaic plant integrated into the project, renewable energies should represent at least 30% of the electrical capacity of the project within ten years, with an objective of increasing this figure to 55% by the end of the first quarter of life. of the project. The project is expected to replace two smaller local thermal desalination plants that will be decommissioned in the coming years, improving local air quality and reducing greenhouse gas emissions.

Vigeo Eiris considers that “the project is likely to contribute to four of the United Nations Sustainable Development Goals (SDGs), namely SDG 6 – Clean water and sanitation, SDG 7 – Affordable and clean energy, SDG 11 – Sustainable cities and communities and SDGs 13 – Climate action.

Simon Eedle, Regional Head for the Middle East, Corporate & Investment Banking at Natixis said: “This large-scale project and its lasting characteristics and advantages is a new step for Natixis in the region”. Orith Azoulay, Global Head of Green & Sustainable Finance, Corporate & Investment Banking added: “This sustainable loan demonstrates the bank’s ability to support the main regional sponsors in their sustainable efforts to develop strategic and sustainable infrastructures”.

Paddy Padmanathan, President and CEO, ACWA Power, said, “ACWA Power places great importance on receiving this independent validation by a reputable assessor, as this qualification underscores our unwavering dedication to the sustainable growth and development of businesses. countries in the region. Taweelah IWP is a strategic project for us, which is revolutionizing the industry by setting new standards for sustainable desalination, tackling industry challenges and innovating new achievements through cutting-edge technologies.

Rajit Nanda, CIO, ACWA Power, added: “Vigeo’s assessment of Taweelah IWP and its alignment with the principles of green loans and social bonds as well as its contribution to at least 4 of the United Nations Sustainable Development Goals is a world first in water. sector. We are convinced that this qualification will also improve our reputation in the market while guaranteeing loan providers the sustainability credentials of the project. “

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About Natixis

Natixis is a French multinational financial services company specializing in asset and wealth management, corporate and investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis has nearly 16,000 employees in 38 countries. Its clients are companies, financial institutions, sovereign and supranational organizations, as well as the clients of Groupe BPCE networks. Listed on the Paris Stock Exchange, Natixis has a solid financial base with CET1 capital under Basel 3(1) of 11.2 billion euros, a Basel 3 CET1 ratio(1) of 11.3% and long-term quality ratings (Standard & Poor’s: A + / Moody’s: A1 / Fitch Ratings: A +).

(1) Based on CRR-CRD4 rules as reported June 26, 2013 including Danish compromise – no phase-in

Figures as of December 31, 2019

www.natixis.com

About ACWA Power

ACWA Power is a developer, investor and operator of power plants and desalinated water production. Currently present in 12 countries in the Middle East, Africa and Southeast Asia, ACWA Power employs more than 3,500 people.

ACWA Power’s portfolio comprises 56 assets with an investment value of USD 45.5 billion, producing 31 GW of electricity and 5.2 million m3 / day of desalinated water delivered in bulk to meet the needs of consumers. state utilities under long-term buyers’ contracts. under the public-private partnership model.

Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power is co-owned by nine Saudi conglomerates, including Vision International Investment Company, Public Investment Fund (PIF), Saudi Public Pensions Agency and the International Finance Corporation (member of the World Bank Group).

ACWA Power’s mission is to reliably provide electricity and desalinated water at low cost, thereby effectively contributing to the sustainable, social and economic development of communities and countries. ACWA Power is committed to respecting the values ​​of safety, people and performance in the operation of its activities in all geographic areas. For more information, please visit www.acwapower.com

Press contact
Natixis
Ayesha daya
+971 50 888 7356
[email protected]

Vanessa Stephan
+33 1 58 19 34 16
[email protected]

ACWA power supply
Mohamed Youssef Ibrahim
Manager – Marketing and Communication
[email protected]
+966 (0) 556607402

© Press release 2020


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