Fluence Corporation has achieved the financial close on the €165 million (US$182 million) Ivory Coast water treatment plant with the execution of the financing agreement by the Ministry of Finance of Ivory Coast and the Israeli Discount Bank (IDB). IDB was supported with export credit insurance from the Israeli Export Credit Agency ASHRA. Following Financial Close, and upon meeting any outstanding conditions precedent, Fluence will start construction to fully erect and commission the 150,000 m3/day surface-water treatment plant over the next 24 months.
Following Financial Close, and upon meeting any outstanding conditions precedent, Fluence will start construction to fully erect and commission the 150,000 m3/day surface‐water treatment plant over the next 24 months.
Having achieved Financial Close on the Project, Fluence Managing Director & CEO Henry Charrabé said: “We are very pleased to have reached this immensely important milestone for Fluence. The continued focus and cooperation with the teams from the Ministry of Finance and Ministry of Hydraulique in Ivory Coast, as well as with ASHRA and IDB, have allowed us to meet this objective. With planning work on the Project now largely completed, we can fully focus on moving towards construction commencement of this important turnkey water treatment plant.”
Achievement of Financial Close allows Fluence to immediately recognize no less than US$20 million (€18 million) of revenue for work that has already largely been completed.
