With Synergy Consulting as the Financial Advisor, Consortium of Metito, Mowah and Orascom achieves Financial Close for Dammam ISTP in KSA

Synergy Consulting is the financial advisor to the Consortium including Metito Utilities Limited  (40%), Mowah CJSC (40%) and Orascom Construction (20%) for develop, finance, operate and transfer Independent Sewage Treatment Plant (“ISTP”) at Dammam. The Project is the first ISTP in KSA, which has been awarded on a Public Private Partnership (“PPP”) basis in the Kingdom. The Project will have an initial capacity of 200,000 m3/day, expandable to 350,000 m3/day and SWPC shall be the sole Offtaker of the Project.

Project is funded by a bank group of National Commercial Bank (NCB), Sumitomo Mitsui Banking Corporation (SMBC) and Arab Petroleum Investment Corporation (APICORP) for a door-to-door tenor of approx. 27 years. Total debt raised for the Project is USD 160 MN.   The Consortium has signed Project Agreements in Jan 2019, Financing Agreements in Jan 2020 and Financial Close is achieved in May 2020. The Financial Close of the Project is achieved amidst global lockdown and the challenging macroeconomic environment as a result of COVID-19 pandemic with collective efforts and commitment from SWPC, Sponsors, Lenders and Advisors.