Qatar signs $450mn desalination plant deal
The Ras Abu Fontas plant will start operations in June 2015
The Qatar Electricity and Water Company (QEWC) has signed a US $450mn contract with a consortium of four local banks for the Ras Abu Fontas Desalination Plant, Qatari daily The Peninsula reported.
QEWC Business Development Manager Khalid Jolo said the agreement represented 'a significant milestone in Qatar’s history of project financing' since 'for the first time, a local developer, a local off-taker and four local banks are joining forces to make this strategic project happen without any financing support from foreign banks'.
The banks include QNB Group, Barwa Bank, Masraf Al Rayan and Qatar Islamic Bank.
The Ras Abu Fontas desalination plant is expected to start operations in June 2015. The 164,000-cubic-meter-per-day facility will produce 10 per cent of Qatar’s water.
QEWC General Manager Fahad Al Mohannadi called it a strategic project to support sustainable growth for the Qatari economy.