Clifford Chance advises Banco Santander and Arkéa Asset Management on €240 million refinancing of Quaero Capital water platform

Global law firm Clifford Chance has advised Banco Santander and Arkéa Asset Management, as lenders, on the approximately €240 million refinancing of Quaero Capital’s water-focused investment platform. The platform brings together companies operating across the water sector value chain, with a particular focus on drinking water distribution and municipal wastewater treatment through an extensive network of local concessions in Spain and a portfolio of industrial water contracts in France.

The portfolio includes Aqlara, a specialist in municipal water services in Spain, and Forafrance, a provider of industrial water services in France.

In addition to refinancing existing assets, the financing includes a facility to support future investments across the portfolio and the continued development of its underlying businesses.

Banco Santander is also acting as agent and underwriter in connection with the syndication of the financing, while GLAS is acting as security agent. A&O Shearman advised Quaero Capital on the transaction.

The Clifford Chance team comprised Chloé Desreumaux, Partner, and Quentin Hervé, Counsel, in Paris, Marc Mehlen, Partner, and Kenza Yaici, Associate, in Luxembourg, and María Sabau, Partner, and Enrique Pais, Associate, in Madrid. Fabien Jacquemard, Counsel, and Santiago Ramirez, Associate, also advised on the hedging aspects of the transaction.

Théo Piazza, associate, advised on the tax aspects of the transaction.

Press contact: Lydia Persico