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Qatar’s QEWC Signs $450m Financing Deal For Desalination Herb

Qatar Electrical energy and Water Co. offers signed a $450 , 000, 000 financing cope with local banking institutions to fund the development of a desalination plant which, when finished, will produce 10 percent of the Beach countrys drinking water, the company said on Thurs.

The plant, located at Ras Abu Fontas to the south associated with Doha, is scheduled to start operations within June 2015 and will generate 36 , 000, 000 imperial gallons of normal water per day, according to a statement from the firm.

Qatar National Financial institution funded $180 million, with three Islamic banks Barwa Bank, Masraf Al Rayan and Qatar Islamic Lender providing the $270 mil on an equivalent basis through a sharia-compliant facility.

It was the 1st time that a tactical project in Qatar had been fully funded without any participation from foreign lenders, Khalid Jolo, company development manager at QEWC, said within the statement.

HSBC was monetary adviser towards the project, although Norton Increased Fulbright and Simmons acted since legal advisers to QEWC and the banking institutions respectively.

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