Following a highly competitive tender process AquaSure was contracted by the Victorian State Government to finance, design, build, operate and maintain the Victorian Desalination Plant. At the end of the 30-year contract period the VDP will be handed back to the government, debt free and in full working order.
The VDP is a state asset for the long-term, operated in a stable and environmentally responsible manner. AquaSure and its contractors are committed to ensuring the optimal performance of the project throughout the 27 year operating concession period, and to providing value for money for the State.
AquaSure does not own the water produced by the plant. Under the terms of its contract it desalinates seawater at the request of the State Government for delivery to Melbourne Water and other authorities in quantities specified each year by the Government.
AquaSure’s international board of directors and executive management team have extensive management experience in the fields of infrastructure and investment. For further details click here. (link to management team).
Both our design and construction contractors (Thiess Dégremont Joint Venture) and operations and maintenance contractors (Dégremont Thiess Services Joint Venture) are leaders in their respective fields of construction and engineering, and water technology.
As a Public Private Partnership the VDP has been fully funded by the private sector. More than 30 financial institutions from Australia, Europe and Asia provided debt funding of $3.7 billion upon financial close in 2009. The balance of funding of $0.8 billion was provided by AquaSure's ten shareholders. AquaSure's debt facilties were fully refinanced in late 2013/early 2014. AquaSure's debt is being re-paid through contract payments made by the State Government and funded by Melbourne Water.
AquaSure secured financing for the project at the height of the Global Financial Crisis in 2009. The Project has received worldwide recognition as a landmark initiative having received more than 12 international awards in relation to the financing of the project, including the Financial Excellence Award at the Infrastructure Partnerships Australia 2010 National Infrastructure Awards.
The project has also received significant industry recognition including winning two Global Water Awards in 2010: Desalination Deal of the Year and Desalination Company of the Year (awarded to Suez Environnement and Dégremont). The VDP was also recognised as "the desalination plant of the year" at the 2013 Global Water Awards.
The project contributed significantly to Victoria’s economy during construction. More than $1 billion of supply contracts were awarded during the construction period with three quarters going to Australian companies and two-thirds to Victorian companies. At its peak more than 4300 people were directly employed across the project.
In its operational phase the project is providing full time employment for more than 50 personnel, the vast majority of whom live in the Bass Coast region.