Water
Our lawyers have significant experience advising in the water and wastewater sector. We combine our knowledge of the water industry with extensive work in the utilities space and other regulated sectors, together with broad experience of how regulation affects water companies, from both a legal, commercial and practical standpoint. We understand that corporates involved in the water sector often face high value and strategically critical issues and have extensive experience when it comes to advising on the implications of the public purpose agenda in the utilities market, while remaining alert to the challenges of being part of a regulated sector.
We advise on all types of transaction in the sector, whether that be strategic investments, acquisitions and disposals, joint ventures and commercial collaborations, or general corporate, project development, construction, governance, ESG, financing and restructuring advice. When commercial and reputational interests are at stake, we support our water clients with their most complex and sensitive disputes and investigations. Our clients include UK listed utilities, infrastructure and private equity funds, privately owned groups and governments, local authorities and state-backed groups.
Our recent water experience includes advising:
Advised Pennon in relation to its £380 million acquisition of Sumisho Osaka Gas Water UK company, the holding company of Sutton and East Surrey Water Plc. Also advised Pennon on a related equity raise, comprising a placing to raise approximately £173 million and related retail offer to raise gross proceeds of approximately £7 million.
Advised South West Water, a subsidiary of Pennon, on the establishment of its £2,500,000,000 Euro Medium-Term Note Programme, to issue notes admitted to trading on the Main Market of the London Stock Exchange.
Advised United Utilities on an issuance under its Sustainable Finance Framework, issuing € 650,000,000 3.750% Fixed Rate Notes due 2034, to be listed on the LSE. We also advised United Utilities on the sale of its stake in Tallinn Water, its last remaining non-regulated international business activity.
Advised in responding to collective proceedings brought by the claimant firm RPC in the Competition Appeal Tribunal, based on the allegation that water and sewerage companies have abused their dominant market position by underreporting pollution incidents and overcharging customers as a result.
Advised the UK Infrastructure Bank in relation to its first investment in the UK water sector, a £50,000,000 loan to Portsmouth Water, with the proceeds being used to finance the construction of the Havant Thicket Reservoir in Hampshire.
Key Contacts
Exceptional team. Exceptional depth of knowledge and very solutions orientated in terms of closing out an acceptable and balanced agreement. Legal 500 UK