Barclays to Fund Seawater Desalination Plant in Virgin Islands

Dec 30, 2013 1:12 pm ET

Dec. 30 (Bloomberg) -- Barclays Plc, the second-largest lender in the U.K., is providing project financing to build a seawater desalination plant on Tortola, the biggest island in the British Virgin Islands.

Barclays has agreed to provide $43 million in financing to Biwater Plc to ensure a reliable year-round supply of drinking water on the BVI’s most populated island and improve wastewater treatment facilities that will aid the marine environment, the London-based bank said today in a statement.

Biwater, formed in 1968, is a Surrey, U.K.-based business involved in clean water and sewage treatment. Biwater received dual-tranche project financing from Barclays backed by a repayment guarantee from the government export credit agency UKEF, the bank said.