Bluewater Bio in agreement with Infrastructure division of Indochina Capital to jointly develop wastewater treatment opportunities in Vietnam
Bluewater Bio International (“Bluewater Bio”), the provider of an advanced wastewater treatment solution named HYBACS, today announced that its fully-owned subsidiary Bluewater Bio Ltd has entered into a memorandum of understanding with Indochina Capital (“Indochina”), the Vietnam-based financial services firm with $1.8 billion of funds under management and projects under development.
Under the terms of the agreement Bluewater Bio and Indochina will work together to identify, evaluate and bid on wastewater treatment projects in Vietnam, with the intention of addressing both the municipal and industrial sectors. Together, they are intending to identify between one and five wastewater projects within a six month period. On applicable projects Indochina plans to finance up to 30% with Bluewater Bio providing technological expertise and financing the balance with its partners. Indochina will hire an appropriate water sector specialist to focus on identifying opportunities and utilise Indochina’s offices during the initial phase, after which the companies plan to establish a joint development company.
Indochina is a leading financial firm with approximately US$1.8 billion of assets under management and projects under development. The Indochina managed funds include two real estate funds, Indochina Land Holdings Fund 1 and 2, and an equities fund, Indochina Capital Vietnam Holdings, listed on the London Stock Exchange main board. Indochina has approximately 310 employees with offices in Hanoi, Ho Chi Minh City, Hong Kong and Singapore.
Vietnam’s GDP growth averaged 6.8% per year from 1997 to 2004 even against the background of the Asian financial crisis and a global recession with real GDP growth averaging 7.8% between 2002 and 2006. The Vietnamese government has issued a water supply development plan, with the aim of providing clean water to 80 percent of the population by the year 2010 and the Vietnam Water Supply and Sewage Association (VWSA) estimates that the total investment for water supply projects will be more than USD$2 billion over the next ten years.
Daniel Ishag, CEO of Bluewater Bio International, commented “Indochina is a substantial and highly respected investor in the Vietnam infrastructure market, and has over the years demonstrated an ongoing and long term investment commitment to the country. Partnering with such a strong local player is of key importance in our sector, which involves local construction capacity and governmental body interface at various levels.”
Rick Mayo-Smith, CEO of Indochina Infrastructure and Co-Chairman of Indochina Capital, commented; “Indochina Capital is delighted to enter into this agreement with Bluewater Bio. Reflecting the strong industrial growth in the country in recent years, wastewater treatment is firmly on the agenda in Vietnam, with the major city of Danang announcing just last week a full review of its wastewater treatment upgrade requirements. We believe that our strong local presence and track record supports this excellent opportunity to work with Bluewater Bio going forward in bidding together on municipal projects. However, in addition to its commercial, residential and retail property portfolio, Indochina has a growing industrial zone portfolio, and we believe that Bluewater Bio’s HYBACS wastewater treatment technology has the potential to deliver cost effective high quality treatment and the ability thereby for our industrial clients to re-use their own treated effluent at a mitigated cost”.
