Barclays has provided a US$43mn project finance facility for the construction of a seawater desalination plant storage and wastewater treatment facilities in the British Virgin Islands.
The project sponsor is UK firm Biwater, an engineering, water and wastewater provider. The plant will generate 2.3 million gallons of treated water each day and is to be built on a build, operate, transfer structure, with a 16-year water-purchase agreement.
The loan is 100% covered by UKEF, the ECA in the UK. Barclays was the sole advisor, arranger, lender and facility agent.
Head of ECA and capex financing solutions at Barclays Gabriel Buck says: “It is unusual to provide a full-blown project finance transaction for an overseas trade of this size. However, we are delighted to have been able to support these vital works, which will provide long-term sustainable benefits to the British Virgin Islands.”