MIYA and the Bahamas Water and Sewerage Corporation - Winners of the Prize for Innovation in Financial Partnership in the WEX Global 2022

14 Jul

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For second consecutive year, MIYA has been awarded a prize at the WEX Congress. The international event was held in Valencia, celebrating its 15th edition under the theme: "UNLOCKING THE POWER OF THE SMART CIRCULAR ECONOMY”. It is the first significant project in the industry ́s history that was 100% output-based.

This year, the congress played host to more than 80 speakers, from over 40 countries, who debated critical issues relating to Delivering Smart Circular Solutions for a more Sustainable World.

Miya and the Bahamas Water and Sewerage Corporation (WSC) have received the WEX 2022 award for Innovation in Financial Partnership with regards to their Non-Revenue Water (NRW) Reduction Projects executed in New Providence, the main island of the Bahamas. 

This award recognises strategic innovation, effective benchmarking and a sound environmental and financial basis which ensures that existing and future financial resources are commensurate with the investment needs to ensure robust and sustainable water projects.

In 2012, The Bahamas Water & Sewerage Corporation (WSC) contracted Miya to conduct a 10-year NRW reduction project. Over that time, MIYA has developed and implemented a unique holistic project and reduced water losses to 26% within the first 5 years and to 21% by the end of the 7th year. MIYA has reconfigured the distribution system and invested tens of millions of dollars in selective CAPEX programmes. MIYA was able to return the island to 24/7 supply and has overachieved the contract milestones every year. The project results have saved over 87 million USD to the water utility.

The overall project size reached ~$100M, financed mostly by the Inter-American Development Bank. With approximately 40% performance-based fees this project is the largest ever successful performance-based project to reduce water losses in the region. Without successful financing models, the technologies and projects which we need to bring about effective, systemic environmental change can’t come about.