EVN announces that the consortium in which WTE Wassertechnik GmbH (WTE), a wholly-owned subsidiary of EVN AG, and a Kuwaiti financial investor each hold a 50% stake, was awarded the contract to construct the sewage treatment project Umm Al Hayman in Kuwait (sewage treatment plant as well as canal network with pumping stations).
In connection herewith, the Ministry of Public Works in Kuwait and the project company established for this project (indirect WTE-participation of 20%) signed on 23 January 2020 an agreement for the construction and implementation of the sewage treatment project within the framework of a public private partnership.
The implementation of this agreement is subject to a number of usual conditions precedent, in particular the execution of fully-negotiated financing and guarantee agreements. The conditions precedent are expected to be fulfilled shortly.
As general contractor, WTE is expected to be responsible for the planning and construction of, in particular, a wastewater treatment facility (contract value converted into euro of around EUR 600 million) as well as - with partners - a canal network with pumping stations (contract value converted into euro of around EUR 950 million).
Plans for completion of the project anticipate a time frame of 30 months for the wastewater treatment facility and four years for the canal network with pumping stations. Thereafter, WTE will operate the wastewater treatment facility for 25 years and the canal network for three years.
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23-Jan-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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