Singapore’s Hyflux has reached a financial close on its 200,000 cubic metres a day (cm/d) Qurayyat independent water project (IWP) in Oman.

It secured $185m of project finance from Japan’s Mizuho Bank, the UK’s Standard Chartered, and Singapore-based Clifford Capital.

Clifford Capital provided an innovative fixed-to-floating rate term loan.

Hyflux signed a 20-year water purchase agreement with the Oman Power & Water Procurement Company (OPWP) in March 2015.

Hydrochem, a wholly-owned subsidiary of Hyflux, will be the engineering, procurement and construction (EPC) contractor. Operation and maintenance of the IWP will be carried out by another Hyflux subsidiary, to be incorporated in Oman.

The reverse osmosis plant is scheduled to be completed in 2017. Local press reported at the time that the plant would cost around $260m.

Two other IWPs in Oman secured project finance in the first half of 2016.

Local banks financed the 250,000 cm/d Sohar IWP, developed by Spain’s Valoriza, local Sogex and the Oman Brunei Investment Company.

Japanese and European banks financed the 280,000 cm/d Barka IWP, developed by Itochu (Japan), Engie (UK/France), Degremont (France) and WJ Towell (local).

Ibri/Sohar IPP is expected to reach a financial close in the third quarter. Ten lenders, from Japan, Europe and Oman, will extend around $1.5bn of project finance to a developer consortium of Japan’s Mitsui and Saudi Arabia’s Acwa Power.