Aqualyng shortlisted for Desal Deal of the year at Global Water Awards
Aqualyng, the specialist in energy efficient desalination plants, has again been nominated for one of its projects at the Global Water Awards, this time for its Caofeidian project in China. The award will be presented by Kofi Annan, the former Secretary General of Un, during the Global Water Summit 2011. This event is arranged by Global Water Intelligence, and will this year be arranged in Berlin the 18th April.
Global Water Intelligence, in its description of the shortlisted companies, writes this about the Caofeidian project:
What is it?
A RMB420 million ($63.7 million) deal to finance a 50,000m3/d SWRO plant in the Tangshan Caofeidian Industrial Development Zone in China’s Hebei Province.
Who is responsible?
Norwegian desalter Aqualyng is developing the plant on a 30-year BOT basis, in partnership with Beijing Enterprises Water Group (BEWG). The project company borrowed RMB294 million ($44.6 million) from China Construction Bank on a non-recourse basis to cover 70% of the RMB420 million ($63.7 million) project cost. The term of the loan is 13 years.
What makes it special?
* Caofeidian was truly a landmark deal, boosting both the Chinese desalination market and the credibility of non-recourse financing in the sector. The desalination market in China had long been regarded as a dead end for foreign and domestic water companies seeking to invest; this deal has raised hopes that desalination could finally be about to become the next big thing in the booming Chinese water market.
* Aqualyng’s dogged persistence in pursuing the project in a financial environment that has not been traditionally open to project finance is especially commendable, showing vision and leadership. It is not afraid to take risks and has shown other companies what can be achieved.
* The successful funding of the first 50,000m3/d of capacity at the site is a resounding vote of confidence in the most ambitious desalination project in Asia, and will smooth the way for further plans to extend the plant up to a total capacity of 900,000m3/d.”
Aqualyng has previously been shortlisted both in the Desal Deal of the Year category for its Ghana project in 2009, as well as in the Desalination Company of the year category in 2008.
Aqualyng is proud to be recognized by Global Water Intelligence and its readers.