Lesico to begin a construction and upgrade project of water supply facility in Ghana for 85 million euro

HOLON, Israel, Jan. 19, 2021 /PRNewswire/ -- Lesico (TASE: LSCO), one of the leading Israeli infrastructure companies in Israel, announces that all the preconditions for the execution of the construction and upgrade of a water supply facility in Ghana for 85 million euro have been met.  The company received a down payment of approx. 13 million euro.

The project, one of few projects that the company have signed in the past through its subsidiary, includes planning and execution of an upgrade and construction of a water supply facility for the Ghana national water company, and includes construction and renovation of a water pump facility in the Volta river, construction and renovation of water treatment facilities with a capacity of approx. 40,000 cubic meters per day and laying of approx. 60 kilometers of water transmission and distribution lines. It also includes construction and renovation of water towers, booster stations and ground reservoirs. The project will be executed by a subsidiary (100%) formed in Italy.

The project funding will be provided by Deutche Bank, and will be insured by the Italian Export Credit Agency (SACE) along with a sub insurance of the Israeli insurer ASRA. The subsidiary is expected to receive ongoing payments under the terms of the agreement with the Ghana government, from the funding party, depending on the progression of the project. The funding agreement is between Ghana government and the funding party.

Eyal Leshamn, Lesico CEO, stated: "We are proud to be partners of this strategic agreement with Ghana government and we consider this a major milestone for Lesico, as a leading player in the water and environment design build domain. In this project, with the help of BlueBird project finance company that specializes in funding of international projects, we have built the funding and insurance package for Ghana. This project will allow us to open a new market, in which we will be able to use all of our capabilities and proficiencies of our different lines of activity. It is also merges with the Group vision and strategy re business expansion in Africa".

About Lesico

Lesico, managed by Eyal Leshman, was founded in 1969 and is considered one of the leading infrastructure companies in Israel. The company focuses on unique and complex technological and logistics projects, that require expertise. The company has 260 employees in Israel and tens of subcontractors that work with the company for decades. The company also operates in the US by subsidiaries. The company has a large number of clients in two divisions: Building - design build projects in the areas of: civil and army engineering, railways for light and heavy trains, pipe systems, conventional energy facilities, renewable energy facilities, environment and manufacturing of pipes. Maintenance - maintenance and franchise services that include: maintenance and service for municipal and private infrastructure and energy and facilities, franchise for environment and energy projects in BOT methods and more. http://www.lesico.com

SOURCE Lesico