Deloitte lead financial advisor on over USD 650 million in project financing for independent sewage treatment plants in Saudi Arabia

27 March, 2022 - Deloitte Middle East was the lead financial adviser to the consortium of Acciona Agua, Tawzea and Tamasuk on three Independent Sewage Treatment Plants (ISTPs) procured by the Saudi Water Partnership Company. 

Deloitte facilitated the full process from the bid submission through to financial close and successfully supported the consortium to raise over USD 650 million of financing for the three projects on a combination of conventional and Islamic tranches. The projects have a combined capacity of 440,000m3 per day and the financing included USD 480 million of green financing.

Deloitte advised the consortium through the transition away from LIBOR based financing to close on Secured Overnight Financing Rate (SOFR) and assisted with the tariff adjustment mechanism, supported on arranging the designation of Green Financing, facilitated the hedge execution and was significantly involved in driving the process to financial close. 

Robin Butteriss, Partner and Corporate Finance Advisory Leader commented “We are delighted to have supported the consortium achieve financial close on each of the three projects. The significant appetite from lenders across the globe demonstrates the considerable effort of the consortium and SWPC in delivering these projects, which bodes well for the significant pipeline of PPPs in the Kingdom.

This deal showcases the Middle East region’s ability to be at the forefront of PPP activity and Deloitte is pleased to support our clients and markets in providing lead advisory services on large scale, complex transactions.”

About Deloitte & Touche (M.E.) LLP:

Deloitte & Touche (M.E.) LLP (DME) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). 

DME is a leader in professional services with uninterrupted presence in the Middle East since 1926 with 26 offices in 14 countries and around 5,000 partners, directors and staff. DME’s presence in the Middle East and Cyprus is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.

About Deloitte:

Deloitte refers to one or more of DTTL, its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL, NSE and DME do not provide services to clients. Please see www.deloitte.com/about to learn more. 

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