Saudi-based Power and Water Utility Company for Jubail and Yanbu (Marafiq) has announced that its consortium has achieved financial close for the $500 million Amiral Industrial Wastewater Treatment and Reuse Project in Jubail Industrial City II.

The project company, Aqua Renew Company, which is 40% owned by Marafiq, has Veolia Middle East (35%), and Lamar Arabia Energy (25%) as its partrners.

The agreements were sealed with a group of lenders including First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Korea Development Bank (KDB), and Qatar National Bank (QNB) to fund the project.

Once operational in 2028, the plant will treat complex industrial effluents generated by the Amiral facility, including spent caustic streams, using advanced treatment systems and innovative recovery technologies that enable the reintegration of treated water into industrial operations, supporting circular economy practices and improving energy efficiency, said the statement from Marafiq.

A leading player in the Saudi utility sector, Marafiq delivers integrated water, power, gas and wastewater services to Saudi Arabia's industrial cities.

On the financial close, Marafiq said it represents a key milestone in advancing the project and reflects its commitment to sustainable infrastructure and integrated water and environmental solutions.-TradeArabia News Service