Ivory Coast signs £165 million portable water contract

The contract is expected to support up to US$20 million revenue in 2019

Decentralised water provider, Fluence Corporation announced it had signed a £165 million contract with the government of Ivory Coast to provide portable water for the country’s largest city, Abidjan.

Fluence Corp is provider of decentralised water, wastewater treatment  and reuse solutions for both municipal and industrial applications  across the world.

The commercial agreement is said to be worth €165 million, with the contract expected to support up to US$20 million revenue in 2019,  US$80 million in 2020, with the remainder in 2021, subject to  financial close and project commencement.

The agreement will see FLC supply a 150,000 cubic meter per day  surface-water treatment plant. The plant will treat water from Lagune Aghien, Ivory Coast’s largest freshwater reserve near Abidjan, to help  meet the fresh water needs of the country’s largest city.

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The contract is conditional upon the arrangement of export credit  financing, which Fluence is in the process of finalising.

Fluence Corp’s new deal hinges on whether the project can obtain appropriate financing. Currently, the company has discussions to  arrange third party financing for the Government of Ivory Coast via a  loan from Israel Discount Bank.

The project also has the support of the state of Israel through its  Export Credit Agency (ASHRA).

Following Financial Close, which is expected to occur during Q3 2019, construction of the Plant will then commence, with completion  occurring within 24 months.

The company also stated it had been invited to bid for an operating and maintenance contract, which could provide further recurring revenue but did not disclosure further information.

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