Singapore’s second and larger desalination plant built by Hyflux will produce the world’s cheapest desalinated water at 45 cents per cubic metre when it is completed in 2013.
This is made possible because of improvements in membrane technology, the larger scale of the Tuaspring Desalination Plant compared to its predecessor and the integration of the 400-megawatt power plant that is on site.
Group president and CEO of Hyflux Olivia Lum said the group will aim to incorporate technology which will ‘revolutionise’ the energy efficiency of its desalination process, to further lower water tariffs.
Currently, the research team at Hyflux is working tirelessly to hit upon ‘The Solution’ that will bring energy costs down at its plants, said Ms Lum.
Yet, Ms Lum is not averse to sourcing such technology from other companies from different parts of the world.
‘In fact, nobody has a monopoly of talent. We believe that reaching out to international technology platform will only assist us in advancing our focus in bringing down water costs,’ said Ms Lum.
Ms Lum’s comments came after the groundbreaking ceremony of the Tuaspring Desalination Plant was concluded yesterday at the Singapore International Water Week.
On Monday, Hyflux announced that it had secured a $150 million financial package for the desalination plant, and it is ‘on track’ to securing financing for the power plant.
Ms Lum said she was confident that financing for the $890 million Tuaspring Desalination Plant and its ancillary power plant will be secured on schedule in four months.
Hyflux had raised $400 million through Class A Preference Shares in April. Most of this will fund the Tuaspring project, said Ms Lum.
The project was announced in April, and Hyflux will design, build, own, and operate the plant.
Construction will begin at Tuas Ave 3 in the fourth quarter of 2011.
Hyflux’s counters closed up three cents yesterday at $2.03.
