- Fluence Corporation (FLC) has secured financing of €165 million ($267 million) for the Ivory Coast water treatment plant
- This approval comes from the Ministry of Finance of Ivory Coast and the Israeli Discount Bank
- The company will now start building its 150,000 cubic metres per day water surface treatment plant
- Fluence Corporation is up 2.25 per cent on the market today, trading at 46¢ per share
Fluence Corporation (FLC) has secured a financial close of €165 million ($267 million) for the Ivory Coast water treatment plant.
The approval comes from the Ministry of Finance of Ivory Coast and the Israeli Discount Bank (IDB). IDB was supported with export credit from the Israeli Export Credit Agency, ASHRA.
The company will now start building its 150,000 cubic metres per day surface water treatment plant.
CEO Henry Charrabé is pleased to have reached this milestone.
“The continued focus and cooperation with the teams from the Ministry of Finance and Ministry of Hydraulique in Ivory Coast, as well as with ASHRA and IDB, have allowed us to meet this objective,” he said.
“With planning work on the project now largely completed, we can fully focus on moving towards construction commencement of this important turnkey water treatment plant,” he added.
Abidjan, the largest city in the Ivory Coast, is a major source of water for the 4.7 million people living there.
This achievement allows Fluence to recognise that no less than €18 million ($29 million) of revenue for work has already largely been completed.
This announcement follows last week’s announcement when the company said it will soon be able to secure the delayed funding from the Ivory Coast government.
“The delay in signing of the financing agreements may result in a short‐term deferral of revenue that was expected to be recognised in 2019,” the company said.
“However, there is a possibility that such revenue may still be able to be recognised, which would support Fluence’s ability to achieve an earnings before interest, taxes, depreciation, and amortisation positive quarter in Q4 2019,” it added.
Fluence Corporation is up 2.25 per cent on the market today, trading at 46¢ per share at 2:24 pm AEDT.