QEWC secures $450mn for desal plant
The new plant will produce 36MIGD of water
Qatar Electricity & Water Co (QEWC) has announced that it has raised US $450mn to fund a new desalination planty at Ras Abu Fontas.
The firm signed a deal with a consortium of lenders last Thursday, including Qatar National Bank (QNB), Barwa Bank, Masraf Al Rayan and Qatar Islamic Bank. Qatar National Bank was the lead arranger of the project, providing US $162mn of debt and an US $188mn standby facility for the plant, which is already under construction.
Once complete in June 2015, it will produce 36mn imperial gallons of water per day - around 10 per cent of Qatar's total requirement.