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A CONSORTIUM led by Samsung Engineering has completed the financing of the first public-private-partnership (PPP) project in Bahrain’s wastewater sector.
The Muharraq Wastewater Treatment Plant, also the first PPP completed in the Middle East this year, has Invest AD and United Utilities as partners, said a statement from Samsung Engineering.
The project involves the development of a greenfield 100,000 m3/day wastewater treatment plant and a 15km deep gravity sewer conveyance system under an availability based concession structure.
Following the bidding process, the consortium was awarded the project and entered into a long-term concession agreement with the Bahrain Ministry of Works on February 2.
Macquarie Capital was the sole financial adviser to the consortium, the statement said.
Through its teams in the UAE and South Korea, Macquarie Capital arranged a 22 year financing solution with approximately $280 million of committed debt comprising a direct loan from the Export-Import Bank of Korea (K-EXIM), a covered facility and an uncovered commercial facility.
