With Synergy Consulting as Lead Advisor, Utico signs Water Purchase and Shareholders’ Agreements with DEWA

Synergy Consulting is the lead financial advisor to Utico FZC which has signed 35-year Water Purchase Agreement (WPA) and Shareholders’ Agreement (SHA) with Dubai Electricity and Water Authority (DEWA), the off-taker for 120 MIGD Hassyan IWP Project (based on Sea Water Reverse Osmosis technology).

Hassyan IWP is DEWA’s first Independent Water Producer (IWP) project, bid proposal for which was submitted in September 2020.

Synergy led the bid preparation with Utico for submission to DEWA and supported on the onward negotiations with the off-taker, for Utico’s announcement as the Preferred Bidder for the Project in November 2020 and towards this key milestone of project documents’ execution.

Hassyan IWP achieved a world record for the lowest levelised water tariff of $0.27762 per cubic meter and is expected to be commissioned by March 2024 with a project cost of $410mn (AED 1.5bn).

WPA and SHA signing marks a significant milestone for Hassyan IWP, which Utico targets to deliver as the most sustainable desalination plant in the UAE with the world’s lowest tariff. Synergy Consulting is honored to be associated with Utico on this exciting transaction.