Hyflux Ltd is pleased to announce that its subsidiary, Qurayyat Desalination SAOC, has achieved financial close for the non-recourse project financing of Qurayyat Independent Water Project (IWP) in the Sultanate of Oman.
The US$185 million facility is provided by Mizuho Bank, Ltd., Standard Chartered Bank, Dubai International Financial Centre Branch and Singapore based Clifford Capital Pte. Ltd. A noteworthy feature of this facility is an innovative fixed-to-floating rate term loan provided by Clifford Capital Pte. Ltd.
Qurayyat IWP is a seawater reverse osmosis desalination plant located in Qurayyat in the Muscat governorate and the Group’s largest desalination project in the Sultanate of Oman. Under the water purchase agreement, desalinated water from this project will be supplied to Oman Power and Water Procurement Company SAOC for a period of 20 years, from 2017 to 2037. This will add another 200,000 cubic metres per day of drinking water to the country’s water supply.
The Qurayyat IWP was named the Best Water Deal Award at the annual EMEA Finance Project Finance Awards 2015. Nominated by bankers and borrowers, and selected by the EMEA Finance team, the award aims to recognise the importance of financing that has been provided to the region’s leading companies and sovereigns as well as projects which exemplify innovative efforts in the capital markets.