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15 July 2004

Mott MacDonald advises lenders as syndication closes on first Dutch water PPP

Financial syndication has closed on the EUR 362 million Hague wastewater treatment project. The successful syndication saw eight banks joining the two lead arrangers, Rabobank and Dexia from 26 May 2004. The financing includes an EIB guarantee facility of EUR 132 million. Mott MacDonald has worked as technical advisor to the lead arrangers since January 2002 in support of the project company, Delfuent BV – a consortium formed by the Veolia Environnement Group, Delta NV Group, NV Waterbedrijf Europoort, the Rabobank Group, Heijmans NV Group and Strukton Groep NV.

The first Public Private Partnership (PPP) in the Dutch water management sector, the project was awarded to Delfluent BV in September 2002 by the Water Board of Delfland, the public body responsible for the treatment of wastewater in the area of Rotterdam and The Hague. The project comprises a 30-year concession for the design, construction and operation of a new wastewater treatment plant at Harnaschpolder (capacity 1.3 million population equivalent) and the refurbishment and operation of the existing Hague wastewater treatment plant at Houtrust (capacity 0.4 million population equivalent). The combined plants will meet stringent EU standards for removing nitrogen and phosphorous before the effluent is discharged to the North Sea.

Mott MacDonald worked on the preparation of the Best and Final Offer documentation and advised the lenders throughout the project development phase. The consultant will continue as technical advisor to the lenders throughout the construction and operation periods. The two plants are scheduled to be fully operational by November 2008 to meet the European regulations on wastewater quality.

Ends

Note to editors

1. Financial close was reached in December 2003.
2. In March 2004 the transaction was awarded the European Water Deal of the Year 2003 Award from Euromoney’s Project Finance Magazine and was referred to as a landmark deal because it is the largest European PPP transaction in the water sector.
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