Biwater receives $43m for British Virgin Islands water project

UK-based engineering, water and wastewater business Biwater has received $43m in financing from Barclays for a water and wastewater infrastructure project in the British Virgin Islands.

The financing, backed by a 100% repayment guarantee from UK Export Finance, will allow the construction of a seawater desalination plant abd water storage and wastewater facilities on the island of Tortola.

Barclays has acted as the sole advisor, arranger, lender and facility agent. The successful financial close of the complex transaction relied upon substantial collaboration between specialist units across Barclays Corporate and Investment Banking, including CAPEX Financing Solutions, Infrastructure & Project Finance and the Manufacturing, Transport & Logistics team.

In addition, the UK government export credit agency UKEF has fully supported the project.

Biwater International Americas director and AEWT president Richard Smith: "Project finance provides the necessary cash injection required for large-scale water infrastructure projects around the world. Biwater’s water and wastewater infrastructure project in the British Virgin Islands is one such initiative, which with the support of Barclays and UKEF will benefit both residents and visitors to Tortola Island for years to come."