Hyflux, a Singapore-based specialist in water treatment, said its Omani subsidiary has achieved financial close for the non-recourse project financing of Qurayyat Independent Water Project in the Oman.

The $185-million facility is being provided to the Qurayyat Desalination by Mizuho Bank, Standard Chartered Bank, Dubai International Financial Centre Branch and Singapore-based Clifford Capital Private.

A key feature of this facility is an innovative fixed-to-floating rate term loan provided by Clifford Capital Private, said the Singaporean group.

Qurayyat IWP is a seawater reverse osmosis desalination plant located in Qurayyat in the Muscat governorate and the group’s largest desalination project in Oman.

Under the water purchase agreement, desalinated water from this project will be supplied to Oman Power and Water Procurement Company SAOC for a period of 20 years starting from 2017.

This will add another 200,000 cu m per day of drinking water to the country’s water supply, said the statement from Hylux.

The Qurayyat IWP was named the Best Water Deal Award at the annual EMEA (Europe, Middle East and Africa) Finance Project Finance Awards 2015.

Nominated by bankers and borrowers, and selected by the EMEA Finance team, the award aims to recognise the importance of financing that has been provided to the region’s leading companies and sovereigns as well as projects which exemplify innovative efforts in the capital markets.

Singapore-listed Hyflux boasts operations and projects in Southeast Asia, China, India, the Middle East, Africa and the Americas.-TradeArabia News Service