GUYAQUIL, Ecuador - Indian EPC company VA Tech Wabag has broken into the Latin American market after winning a $98 million project in Ecuador.
Wabag will deliver the 230,000 m3/day Las Esculsas wastewater treatment plant (WWTP) in Guyaquil, in partnership with local firm Hidalgo e Hidalgo, which will own 60%.
The project will be financed by the European Investment Bank and International Bank for Reconstruction and Development.
Wabag has set out strong ambitions to become a top three water pure-play company globally and generate annual revenue of $1 billion by 2018, after generating revenues of $333 in 2014.
The Ecuador news was announced as part of a second-quarter results, which showed that consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased 22% to $8.7 million on revenues of $116.3 million, up 31%.