AquaVenture secures $50 million for Ghana plant acquisition

AquaVenture has secured $50 million in project financing for its acquisition of Accra desalination plant, Ghana.

The funds will be provided by Overseas Private Investment Corporation (OPIC), the US government development finance institution. The loan is over 18 years, will restructure $50 million of existing project debt, and is dependent on completion of the deal.

AquaVenture has agreed with Abengoa Water Nungua to extend the long-stop date on the transaction to 31 March 2019. It was previously 31 December 2018 and before that 30 September 2018.

“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 its participation will help to 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,” said AquaVenture chairman Doug Brown.

* AquaVenture announced in November 2018 that Doug Brown was to stand down as chief executive on 31 December 2018. Brown remains involved with the firm focusing on mergers and acquisitions and as chairman of the board. Anthony Ibarguen has become AquaVenture chief executive, and remains chief executive of group subsidiary Quench.

The story so far

AquaVenture reaffirms aim to acquire Accra desalination plant (September 2018)

Ghana regulator raps utility on desalinated water never delivered (September 2018)

AquaVenture poised to acquire Abengoa’s Accra desalination plant (February 2018)

Abengoa in talks aimed at re-opening Ghana desalination plant (February 2018)

‘We’re now at more than $50 million revenue.’ Doug Brown, AquaVenture chief executive (December 2016)