Befesa ties up Tenes project finance

Madrid-based contractor Befesa, through its subsidiary Befesa Agua, announced on 1 December 2008 closure of the US$ 185 million financing for the design, construction, funding and 25-year operation of the Tenes seawater desalination plant in Algeria.

The project, awarded to Befesa in April 2008, is to be executed in the city of Tenes on the Mediterranean coast some 200 km from Algiers. It will allow reverse-osmosis desalination of 200,000 m³/d of seawater.

Some 80% of the global investment of US$ 231 million will be non-recourse financed to the shareholders by a syndicate of banks headed by Credit Populaire d'Algerie.

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