SINGAPORE- The PUB has issued a default notice to Hyflux's Tuaspring, Singapore's largest desalination plant, to remedy defaults arising under the water purchase agreement between them.. Read more at straitstimes.com.
SINGAPORE- The PUB has issued a default notice to Hyflux's Tuaspring, Singapore's largest desalination plant, to remedy defaults arising under the water purchase agreement between them.
In addition, TPL has not been able to produce financial evidence to demonstrate its ability to keep the plant running for the next six months, it said. It noted that under the agreement, TPL has to deliver up to 70 million gallons of desalinated water per day to PUB for a 25-year period from 2013 to 2038.
It added that"with the issuance of the default notice, PUB requires TPL to fully resolve all defaults within the default notice period, failing which, upon the expiry of the default notice period, PUB will exercise its right to terminate the WPA and take control of the plant".Hyflux has taken a $916 million impairment for the nine months ended Sept 30, to adjust for a fall in carrying value of the Tuaspring water and power plant and other write-downs.
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