Miahona-led consortium achieves financial close on Al Haer ISTP in Riyadh
The consortium led by Saudi-listed utility Miahona has achieved a financial close on the 1.5 billion Saudi riyals ($399.93 million) Al Haer Independent Sewage Treatment Plant (ISTP) in Riyadh province.
The funding was secured after fulfilling all requirements and conditions with a group of financiers, including Banque Saudi Fransi, Arab Energy Fund (formerly APICORP) and Riyad Bank, the company said in a statement to the Saudi stock exchange on Sunday.
The project has a duration of 25 years, with Miahona's stake in the consortium at 45 percent.
In July 2024, Zawya Projects reported that Power and Water Utility Co. for Jubail and Yanbu (Marafiq) will join the Miahona-BESIX consortium to develop Al-Haer ISTP.
The Miahona-BESIX consortium signed the project agreement with the Saudi Water Partnership Company (SWPC) in March 2024 after being declared the preferred bidder in November 2023.
Al Haer ISTP will be developed on a build, own, operate (BOOT) model with a treatment capacity of 200,000 cubic metres per day (m3/day).
The plant will also include Treated Sewage Effluent (TSE) facilities, consisting of a nearly 32 km-long TSE transmission system with a capacity of 400,000 m3/day, a TSE pumping station, and TSE storage tanks with a capacity of 200,000 m3.
The plant is expected to start operations in December 2026, the statement said, adding that the positive financial impact of the project will be reflected on Miahona's financials starting from the first quarter of 2025.
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