Veolia-led group refinances Oman project

Oman’s Veolia-led Sharqiyah Desalination Company has refinanced its existing debt of US$ 120.8 million and raised new debt of US$ 42.7 million to fund its expansion of its reverse osmosis water desalination plant at Sur, in the sultanate.

A consortium of international banks purchased the loans from existing lenders, Sharqiya reported in a statement to the Muscat Securities Market.

The moves complete the financial measures needed to expand the existing desalination plant, located 160 km south west of Muscat, from 92 Ml/d to 145 Ml/d.

Major shareholders Veolia Middle East – the plant developer – along with investor, SAS, and operator, National Water and Power, each played a significant part in bringing on the refinancing.