Natixis Corporate & Investment Banking acts as Joint Bookrunner and Joint Lead Arranger for $883 million financing of a desalinization plant and water pipeline sponsored by Patria Investments
NEW YORK, Jan. 24, 2024 /PRNewswire/ -- Natixis Corporate & Investment Banking (Natixis CIB) has successfully closed two senior secured financings amounting to $883 million for two adjacent water assets owned by portfolio companies of Patria Investments (Patria), a leading alternative investment firm focused on Latin America. The financed assets comprise the 1,000-l/s Aconcagua desalination plant and the 109-kilometer San Isidro Quilapilún water pipeline in the Valparaiso and Metropolitana regions of Chile. Natixis CIB acted alongside 3 international banks as Joint Lead Arranger, Joint Bookrunner, Joint Syndication Agent, Hedge provider and Co-Green Loan Coordinator.
The transactions support the development, construction, operation and maintenance of the desalination plant and pipeline for the transportation of treated and/or desalinated water. The Project is the first multiclient desalination plant in the region and will contribute to reduce usage of continental water by its industrial clients, mitigating the water scarcity situation in Chile due to climate change. This transaction is firmly aligned with Natixis CIB's green and sustainability targets and reinforces Natixis CIB's regional and sector expertise and leadership.
"Natixis CIB has a long and successful track record financing infrastructure in the LatAm region, including more than 15 transactions closed in Chile over the past 3 years. Water is becoming an increasingly important sector in the infrastructure space because of bigger scarcity and additional social focus on an efficient use of water by industrial processes. We see strong tailwinds in water sector and expect more activity not only in Chile but also across LatAm." said Aitor Alava, Managing Director and Head of Infrastructure & Energy Finance Latin America at Natixis CIB. "We are thrilled to have been able to accompany Patria on this landmark transaction and we look forward to continuing to support their growth across Latin America."
"This milestone is yet another step towards Aguas Pacifico's goal to provide a solution to the water supply problematic in the region and evidence of our investment commitment to the Project." said Jose Mestres, Partner for Patria Investments Infrastructure Group. "The 7-year term allows Aguas Pacifico to navigate the current volatility in the debt markets and secure project financing at competitive pricing. Aguas Pacifico and Patria are very proud of securing project funding while partnering with world class financial institutions such as those represented in this non-recourse facility," added Mr. Mestres.
About Aguas Pacifico
Aguas Pacifico's Aconcagua Project is composed by three major components: (1) The Aconcagua Desalination Plant in the Quintero bay (the "Desalination Plant"), comprised of a seawater intake submerged pipeline, a brine emissary submerged pipeline, a 1,000 l/s reverse osmosis desalination plant, a 110 kV transmission line connecting the desalination plant (1 km), and a 28 km buried water pipeline between the plant and San Isidro (near Quillota); (2) the San Isidro – Quilapilun Aqueduct (the "Water Pipeline"), comprised of a pumping station, a 23 kV transmission line connected to the pumping station (5 km), and a 76 km buried water pipeline including a 6 km tunnel between San Isidro and Quilapilun), and distribution tanks in La Dormida, Til Til and Quilapilun, and (3) the Puchuncavi Substation (the "Substation"), comprised of a 110/23 kV electrical substation at the Desalination Plant site.
About Patria Investments
Patria is a leading alternative investment firm focused on Latin America, with 35 years of history and combined assets under management of $28.2 billion, and a global presence with offices in 10 cities across 4 continents. Patria aims to provide consistent returns in attractive long-term investment opportunities that allow for portfolio diversification through its Private Equity, Infrastructure, Credit, Public Equities and Real Estate products. Through its investments, Patria seeks to transform industries and untangle bottlenecks, generating attractive returns for its investors, while creating sustainable value for society. Further information is available at www.patria.com.
About Natixis Corporate & Investment Banking
Natixis Corporate & Investment Banking is a leading global financial institution that provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organizations worldwide.
Our teams of experts in about 30 countries advise clients on their strategic development, helping them to grow and transform their businesses, and maximize their positive impact. Natixis CIB is committed to aligning its financing portfolio with a carbon neutrality path by 2050 while helping its clients reduce the environmental impact of their business.
As part of the Global Financial Services division of Groupe BPCE, the second largest banking group in France through the Banque Populaire and Caisse d'Epargne retail networks, Natixis CIB benefits from the Group's financial strength and solid financial ratings (Standard & Poor's: A, Moody's: A1, Fitch: A+, R&I: A+).
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SOURCE Natixis
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