The city-based Va Tech Wabag Ltd (Wabag) has partnered PTC India Financial Services Ltd (PFS) to secure financial closure for the Hybrid Annuity Model (HAM) project from Bihar Urban Infrastructure Development Corporation (BUCOCO).
As per the agreement, an amount of W 86 crore will be funded by PFS and Wabagh will invest more than 29 crore in one or more installments. PFS is a leading green infrastructure finance company providing a vast service to institutions in the infrastructure sector.
Wabag earlier in S. Digha and Kankarbagh regions of Patna. Ag 1,187 crore order was received from BUIDCO under National Mission for Clean Ganga (NMCG) scheme to develop 150 MLD sewage treatment plant (STP) with sewerage network in Varadarajan zone. , Director and chief development officer, Wabag told reporters.
The project includes design, construction and operation of ₹ 940 crore, HAM of ₹ 247 crore. The EPC portion of HAM is to be funded through a mix of NMCG grants, equity and debt. About 40% will be funded by grants during the construction period and the remaining amount will be funded by a mix of debt and equity.
“We are happy to launch this long-term partnership with PFS, a premier financial institution in the infrastructure space. With this, Wabug has successfully achieved the financial completion of its second HAM project within this financial year.
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