AquaVenture Holdings Limited, a leader in Water-as-a-Service solutions, announced that the Overseas Private Investment Corporation, the U.S.Government's development finance institution, received approval from its investment and credit committees to provide project financing of $50 million for an 18-year term in connection with the Company's pending acquisition of a desalination plant in Accra, Ghana. The project financing, which will restructure $50 million of the existing project debt, is contingent upon the completion of the acquisition of the desalination plant by the Company.
In addition, the Company entered into an agreement with Abengoa Water Nungua, S.L.U. (“Abengoa”) to extend the long-stop date of the transaction to March 31, 2019. The long-stop date was previously December 31, 2018.
Doug Brown, Chairman of AquaVenture, commented: “We continue to make significant progress on this acquisition and I am pleased to announce OPIC’s involvement in the project. Having successfully worked with OPIC in the past, I am confident that their participation will help drive this transaction across the finish line. All parties continue to demonstrate a commitment to completing this transaction and we look forward to becoming the long-term water partner to the Government of Ghana.”
OPIC is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. It mobilizes private capital to help solve critical development challenges and, in doing so, catalyzes revenues, jobs and growth opportunities both domestically and abroad. OPIC seeks to support projects that demonstrate significant potential to fostering economic development in emerging markets and advances U.S. foreign policy and national security priorities.