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WABAG secures financial closure of its 2nd project
Water treatment player VA Tech WABAG Ltd has completed the financial closure for its Hybrid Annuity Model project, received from the Bihar Urban Infrastructure Development Corporation, officials have said.
The city-based company had secured a Rs 1,187 crore contract from the Bihar Urban Infrastructure Development Corporation under the National Mission for Clean Ganga scheme to develop 150 MLD capacity sewage Treatment plants, along with sewerage network of over 453 km, in the Digha and Kankarbagh zones of Patna.
WABAG, as per the project, will execute engineering, procurement and construction portion of the sewage treatment plant under the hybrid annuity model over 24 months, followed by operation and maintenance of 15 years. The project comprises a design, build and operate model and the engineering, procurement and construction portion of the Hybrid Annuity Scope is to be funded through a mix of grant from the National Mission for Clean Ganga, equity and debt. About 40 per cent would be funded by NMCG grant in construction phase and 60 pc by a mix of debt and equity. WABAG has partnered with infrastructure finance company PTC India Financial Services (PFS).