LIMA, Chile – Hot on the heels of a successful initial public offering (IPO), AquaVenture Holdings (AVH) has completed the acquisition of a Chilean desalination company.
The company’s subsidiary – Seven Seas Water – acquired the remaining shares of Aguas de Bayovar (ADB) for $46 million.
ADB supplies both seawater and desalinated process water to Compañía Minera Miski Mayo S.R.L. which uses the water to operate its Bayovar phosphate mine.
Located 600 miles north of Lima in North Western Peru, ADB provides over 30,000 m3/day from a seawater reverse osmosis plant to the mine via a 39 km pipeline.
Last month WWi reported that following a successful IPO, in which the company’s share price was trading over 24% above the initial price, AVH said it would use $45 million from the proceeds to build out capacity in Peru (read WWi story).
ADB is the company’s second desalination project in South America and falls in line with its proposed Water-as-a-Service (WAAS) business model.
Doug Brown, chairman & CEO of AquaVenture Holdings, said: "As we expand operations to service the mining industry in South America, we believe that our expertise in offering WAAS will greatly contribute to increasing production and capital efficiency in mining.”
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