Tuaspring Power Plant and Desalination Project

planned

Hyflux submitted a bid for the Tuaspring project which included a water desalination plant and a power plant. Initially, Hyflux did not disclose its power plant plans to banks to avoid leaking its bidding strategy. After submitting the bid, Hyflux shared its power strategy and financial model with a consortium of banks. The banks issued an in-principle commitment for a $527 million term loan and later showed management support for financing the water desalination and power plants, with credit approval pending due diligence.