A global-scale Middle East EPC contractor was commissioned for an ambitious USD 150 mn desalination project in Chennai, India. The project was a joint venture with a large Spanish conglomerate that brought in all the technical expertise.

In pursuance of its contract with the Chennai governing body, the contractor had to submit Performance and Advance Payment Guarantees in order to avail advances that would allow it to commence any work.

Blend analysed and understood the transaction and helped the contractor raise the required guarantees from an Indian bank backed by AA rated insurance companies. A commendable achievement in the backdrop of the pandemic crisis. The single guarantee was to the tune of USD 30 mn under surety bonds, but Blend overcame every single complexity to ensure the consortium could proceed with this vital project.