The Vista Ridge Water Supply project in the United States reached financial close on November 2, 2016.
Garney Construction will head the design, build, finance and maintenance of the 142 mile pipeline which will deliver 16.3 billion gallons of drinking water, stretching from Burleson County to the rapidly growing city of San Antonio. With the water expected to be running in 2020, the 20% increase in water supply to San Antonio will ease the reliance on the Edwards Aquifer.
The procuring authority for the P3 deal, San Antonio Water System (SAWS), will pay for the amount of water supplied to San Antonio for 30 years until 2050, at it which point will take ownership of the pipeline. Construction of the pipeline, planned to begin in early 2017, will cost approximately US$810m to develop and will be funded by a banking group consisting of SMBC, Societe Generale, Korea Development Bank, Co Bank, ING, Credit Agricole, Commonwealth Bank of Australia, RBC and Santander.
On behalf of Garney Construction, Operis was pleased to undertake an audit of the financial model prepared for the project.