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Highlights of our experience in Water

Energy

24 April 2018

  • 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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