DC Dwek Corporate Finance formed a consortium for Subsea Infrastructure that won a tender with the Government of Cyprus for a mobile water desalination project. We also arranged the financing for Subsea Infrastructure. A local company Silnir Cyprus was incorporated. David Dwek is a Director of both companies.
Subsea Infrastructure is a private UK company involved in the water and renewable energy sector. The company has used this expertise to develop a rapidly deployable large scale mobile desalination solution. This has been successfully deployed in Cyprus. There are opportunities to provide water solutions particularly using renewable energy and a variety of water delivery solutions in many areas of the world where water is an increasingly finite resource.
Subsea Infrastructure formed a consortium with a desalination equipment manufacturer and a Cypriot local partner to tender for 20,000 cubic meter per day (20 million litres per day) mobile desalination plant in Limassol. The total capital expenditure requirement is in the order of €20m. This was financed from the UK in a combination of debt and equity. The tender procedure followed EU procurement rules and was very detailed. Bank guarantees and strict expertise from the main contractor and the subcontractors were required.
Following the award of the contract, the equipment was installed during a 9 month period which represents the fastest execution of a large scale desalination plant to date. The plant delivered over 20 million cubic metres of high quality drinking water water over a three year period after which the plant was maintained, dismantled, refurbished and relocated to the Middle East and to Australia.
All the requirements of the Cyprus Government were fulfilled and debt obligations were repaid in full.
The company is continuing to develop flexible modular desalination solutions using renewable energy sources. a variety of water distribution methods are being considered including bottling.