This allows the parent company to pursue an “asset light” capital structure, freeing up the capital invested in plants so that Hyflux can develop new projects, which is where its managers see Hyflux’s greatest value added. It has concessions to operate these under 20-30 year contracts, with minimum off-take agreements for 45% of total output. Since its establishment, it has acquired stakes in four further project companies, including both water and wastewater treatment.