A consortium led by Saudi Arabian utility developer ACWA Power has signed financing agreements for a $650 million desalination project in the Saudi industrial city of Jubail.

The desalination plant, Jubail-3A IWP, will use sea water reverse osmosis to yield a capacity of 600,000 cubic metres per day.

The plant is being financed through limited recourse ring-fenced project financing from Al Rajhi Bank 1120.SE, Abu Dhabi Islamic Bank ADIB.AD, Riyad Bank 1010.SE and Mizuho 8411.T, ACWA said in a statement.