Singapore-based Hyflux said it received a contract for a seawater desalination plant in Algeria valued at $468 million.

The company said it would be the world's largest reverse osmosis membrane desalination plant, with a capacity of 500,000 cubic meters per day.

"Besides being the most competitive bidder, our proven track record in delivering large scale desalination contracts, coupled with our proprietary membrane technology and our ability to offer total integrated solutions are the key to winning the bid," said Olivia Lum, Hyflux CEO.

Hyflux signed the deal for the new plant with the government-backed Algeria Energy Co., which is arranging for 70 percent of the project cost through project financing with local Algerian banks.

Lum said, "We believe AEC's commitment to supply clean water to support Algeria's rapid urbanization plans coupled with Hyflux's water-related technological abilities will bring forth competitively priced desalinated water to meet the pace of infrastructural developments in Algeria."

Hyflux said the plant would go up in Magtaa, in the Oran region in western Algeria, and is targeted for completion approximately two and a half years from the financial close of the deal.

In addition to the Magtaa project, the company said it is also undertaking the development of a 200,000 cubic meter per day seawater desalination plant in Tlemcen, Algeria.