The Ras Abu Fontas A2 desalination plant project in Qatar reached financial close on December 9, 2013.
The US$465 million project comprises the design, construction, ownership and operation of a 36 million gallons per day capacity desalination plant at the state’s existing Ras Abu Fontas complex.
Hitachi Zosen was named the preferred bidder for the expansion project and Kahramaa, also known as Qatar General Electricity and Water Corporation, will be the off-taker.
The project’s funding comprised a combination of conventional and Islamic finance facilities. Forming a majority of the project’s funding, US$270 million came from an Istisna’a and Ijara fil thimma facility.
Operis was pleased to undertake a full audit of the financial model representing the transaction which included a review of the model’s tax and accounting prior to financial close, and a review of the transaction’s Islamic finance documentation.
