Hyflux secures funding for US$185m water project in Oman

It will process 200,000 cbm of water per day when finished.

The utilities company’s arm, Qurayyat Desalination, has achieved financing for its Qurayyat Independent Water Project (IWP) in Oman.

According to a press release by Hyflux, 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,” the press release noted.

Under the agreement, Hyflux said desalinated water 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 press release said.

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