SINGAPORE: Sembcorp Industries has signed a 20-year water purchase agreement with the Abu Dhabi Water & Electricity Company (ADWEC).
In a statement, the mainboard-listed firm said the agreement was signed through its joint venture, Emirates Sembcorp Water & Power Company (ESC), in which it holds a 40 per cent stake.
It added that the expansion of the hybrid desalination plant, Fujairah 1 Independent Water and Power Plant (IWPP) in the UAE is expected to be completed in the first half of 2015.
Under the water purchase agreement, the water output from the expansion will be sold to ADWEC for a period of 20 years, starting from its operational date.
Sembcorp said the expansion is expected to cost about US$200 million and its equity investment of US$80 million will be funded through internal resources.
The company said the transaction is not expected to have a material impact on its earnings per share and net asset value per share for the current financial year.
- CNA/fa
Sembcorp signs 20-year water purchase agreement with ADWEC
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Sembcorp signs 20-year water purchase agreement with ADWEC
