US infrastructure investor Ridgewood Infrastructure and water treatment firm IDE Technologies have been awarded a public-private partnership (PPP) contract to build a new water treatment plant in Florida.
The two companies have agreed the PPP deal with the City of Fort Lauderdale to design, build, and operate the Prospect Lake Clean Water Center, a new 50m gallon per day water treatment plant.
The Prospect Lake Clean Water Center will be replacing Fort Lauderdale’s Fiveash Regional Water Treatment Plant, which is nearing the end of its useful life.
IDE and lower middle-market investor Ridgewood will fund 25% of the project costs and own the risk of construction and the long-term risk of operation and maintenance of the project. Financial details were undisclosed.
The new treatment plant will be operated by IDE and the City of Fort Lauderdale.
Michael Albrecht, a managing partner at Ridgewood Infrastructure, said: “We are excited to partner with the City of Fort Lauderdale to provide clean and clear fresh water to the community for decades to come.
“The Prospect Lake Clean Water Center is designed with a focus on sustainability, using state-of-the-art nano-filtration and ion exchange technology.”
Ross Posner, a managing partner at Ridgewood Infrastructure, said: “We are thrilled to be partnered both with Fort Lauderdale and IDE, and to have the opportunity to support the modernisation of this community’s critical water infrastructure.”
Alon Tavor, CEO of IDE Group, said: “As IDE continues to secure BOT (build-operate-transfer) and DBOM (design build operate and maintain) desalination projects, we are expanding our activity in the water treatment sector, including innovative and unique technologies to purify water. This project is a perfect example of our investment and commitment to these efforts.”
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