We have worked on water projects around the world and bring our core experience of commercial and regulatory frameworks operating across regulated industries. We have advised on some of the largest and most complex transactions within the utilities sector.

We regularly advise water utilities, investors, sponsors, sub-contractors and lenders on the range of issues that arise in the water industry. This ranges from procurement to public works programmes, private sector finance, and ongoing operational advice to mergers and acquisitions.

The water sector is heavily regulated and faces many challenges. Its distribution is unevenly spread and infrastructure improvements require considerable capital outlay. As such you require lawyers that truly understand the nuances of the sector.

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CMS fields a team of “very strong individuals who are knowledgeable on the law and market.”

Client, Legal 500
24 April 2018
High­lights of our ex­per­i­ence in Wa­ter
AMP Cap­it­al on the dis­pos­al of its en­tire stake in Thames Wa­ter to Boreal­is In­fra­struc­ture. Our role in­cluded ad­vice on the pro­vi­sions of the Thames Wa­ter share­hold­ers agree­ment, in­clud­ing, in par­tic­u­lar, the pre-emption pro­vi­sions, as well as draft­ing the trans­ac­tion doc­u­ment­a­tion and ne­go­ti­at­ing it with Boreal­is and its ad­visers.Thames Tide­way on the ac­quis­i­tion and fund­ing of the In­fra­struc­ture Pro­vider, the en­tity that will be the reg­u­lated util­ity re­spons­ible for de­liv­er­ing the £4.2bn Thames Tide­way Tun­nel and its on­go­ing op­er­a­tion. This pro­ject in­volved a new and unique way of fund­ing ma­jor in­fra­struc­ture pro­jects, res­ult­ing from a change in the reg­u­lat­ory frame­work.South East Wa­ter on its re­new­able en­ergy strategy and its treat­ment un­der the PR14 price con­trol pro­cess (2010).Severn Trent on the is­sues raised by the Cave Re­view and on mech­an­isms for easi­er ac­cess to wa­ter net­works with a re­vised form of Net­work Ac­cess Code. We also ad­vised on ex­tend­ing com­pet­i­tion, reg­u­lat­ory is­sues and on the treat­ment of new sources.Northum­bri­an Wa­ter Fin­ance on a re­fin­an­cing of its ex­ist­ing bond debt guar­an­teed by Northum­bri­an Wa­ter Lim­ited to ex­tend its ma­tur­ity pro­file by way of a tender of­fer and re­place­ment bond is­sue of £300m 1.625 per cent. Guar­an­teed Bonds due 2026. The team also ad­vised Northum­bri­an Wa­ter Fin­ance Plc in 2017 on a fur­ther re­fin­an­cing of its ex­ist­ing bond debt by an ad­di­tion­al bond is­sue of £300m 2.375 per cent.North­ern Ire­land Wa­ter on its ac­quis­i­tion of the Pro­ject Al­pha Pub­lic Private Part­ner­ship (PPP) from Kelda Group, the own­ers of York­shire Wa­ter.Scot­tish Wa­ter on the wind­ing up of Scot­tish Wa­ter Solu­tions (SWS) ahead of the new SR15 reg­u­lat­ory peri­od (2015-21) and trans­ition to a new al­li­ance part­ner-led cap­it­al de­liv­ery mod­el.En­vir­on­ment Agency on the fund­ing of re­place­ment and new shared wa­ter in­fra­struc­ture to ser­vice a new wa­ter trans­fer scheme. The role in­volved ne­go­ti­at­ing with Northum­bri­an Wa­ter in re­la­tion to the struc­tur­ing of the fund­ing, bal­an­cing the po­ten­tially com­pet­ing needs of the im­pact on the reg­u­lated wa­ter price, whilst at the same time max­im­ising the tax ef­fi­ciency of the res­ult­ing cap­it­al al­low­ances po­s­i­tion.Del­more Cap­it­al and GLIL on the con­sor­ti­um com­pris­ing Dal­more Cap­it­al and GLIL on its ac­quis­i­tion of a 15% stake in Angli­an Wa­ter from 3i.

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25 April 2018
De­liv­er­ing first-class ex­pert­ise to the wa­ter sec­tor
We have worked on wa­ter pro­jects around the world and bring our core ex­per­i­ence of com­mer­cial and reg­u­lat­ory frame­works op­er­at­ing across reg­u­lated in­dus­tries. We have ad­vised on some of the largest and most com­plex trans­ac­tions with­in the util­it­ies sec­tor
24 April 2018
High­lights of our ex­per­i­ence in Wa­ter
Be­low is a bro­chure de­tail­ing some of our ex­per­i­ence high­lights in the Wa­ter in­dustry.