Last Updated January 18, 2008
Development Bank DEG is providing a 14mn long-term loan to support the construction of a seawater desalination plant in Chennai, the fourth largest city in Total costs of the project are 86mm, of which 20mn will come in the form of equity, and 52mn will be provided in local currency from Indian banks. Indian institution Yes Bank acted as arrangers for the transaction.
Chennai Water Desalination is the borrower on the transaction, which is owned by an Indian-Spanish joint venture IVRCL Infrastructures and Projects, one of
The plant will help improve the supply of drinking water to the local population, and it set to meet about 10% of the city's demand. Spanish partner Befesa will be bringing broad technological and management skills to the project.
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