The park, on the corner of William Street and Geoffrey Bolton Avenue, will include a water feature with choreographed water jets, lighting and sound.
The water park can also be drained in a matter of minutes to create a public event space for up to 800 people.
On site today, Premier Colin Barnett welcomed the company’s contribution to the BHP Billiton Water Park.
“BHP Billiton has a positive track record of giving back to the community and this is another example,” Mr Barnett said.
“The park will be more than a water feature; it will be an entry point to Elizabeth Quay, offering visitors a range of family friendly dining options and event spaces.”
The State Government is calling for the world’s best entertainers to express their interest in bringing events to Elizabeth Quay from 2016.
Planning Minister John Day said the quay would be a flexible space with capacity to host events for up to 15,000 people at one time.
“We are calling for acts, events and performers from all spectrums and art forms to entertain the millions of people expected to visit the precinct each year,” Mr Day said.
“In its entirety, Elizabeth Quay will accommodate thousands of people for a variety of large events. There will also be smaller spaces such as the water park and The Landing, which has been designed to encourage interaction with the Swan River and will double as an area for lunchtime sports, pop-up vendors and concerts for 7,000 people.”