Hyflux’s Tuaspring bid undermined by financing shortfall

Banks raised “serious concerns” after learning of Hyflux’s plan to build a power plant and sell excess electricity to the grid. — The Straits Times

SINGAPORE: Even after Hyflux won its bid for the S$890mil Tuaspring project in March 2011, it managed to secure only a S$150mil bank loan.

This was because the banks estimated that cash flows from the desalination plant would support only around S$150mil to S$170mil of debt, a court heard on Tuesday.