Hyflux secures financial close for $251 mil Oman water project

SINGAPORE (June 15): Qurayyat Desalination SAOC, a subsidiary of water company Hyflux, has achieved financial close for the non-recourse project financing of Qurayyat Independent Water Project (IWP).

In a statement on Tuesday, Hyflux says the US$185 million ($251 million) facility is an “innovative fixed-to-floating rate term loan”. The facility is provided by Mizuho, Standard Chartered, Dubai International Financial Centre Branch and Singapore-based Clifford Capital.

Qurayyat IWP is a seawater reverse osmosis desalination plant located in Qurayyat, in the Muscat governorate. Under the water purchase agreement, desalinated water from the project is to be supplied to Oman Power and Water Procurement Company SAOC from 2017 to 2037.

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