Saudi private developer Acwa Power and investment firm Saudi Brothers Commercial Company (SBCC) have signed senior financing and hedging agreements for the SR2.625bn ($700mn) Rabigh 3 independent water producer project (IWP), which they were awarded by Saudi state utility Water & Electricity Company in late December.

The plant will be built on the Saudi Red Sea coast with capacity to produce 600,000m3/d of desalinated water and is scheduled to begin commercial operation at the end of...