Nixon Peabody possesses in-depth, multifaceted finance, legal, and regulatory compliance experience in the water industry, supported by in-house engineers and scientists. Our experience encompasses all important aspects of project development, including developing core contract documents, obtaining workable environmental permits, project and/or public finance, tax issues and, where necessary, real estate, intellectual property, and litigation.
Water and wastewater treatment projects
- Serving as bond counsel to the Puerto Rico Aqueduct and Sewer Authority in its first public offering in 18 years ($1.3 billion of senior lien bonds). Drafted master indenture, which made allowance for five separate liens of indebtedness and inter-creditor documentation for existing secured and unsecured indebtedness.
- Representing the builder/operator, we drafted and negotiated the construction, and long-term operating contracts for a seawater desalination project in Florida.
- Representing several Rhode Island communities, we negotiated with USEPA an agreement that resulted in the design, construction, and financing of that state’s first regional publicly owned wastewater treatment facility.
- Representing the underwriter and conducting an environmental due diligence review for the District of Columbia Water and Sewer Authority.
- Representing the developers on the development, contracting, and financing of drinking water and wastewater facilities throughout the United States.
- Serving as counsel to the New York City Municipal Water Finance Authority, we established a variable rate bond structure; established multiple commercial paper programs; and developed a mechanism through the use of subordinate bonds to achieve direct user rate relief from the operating surplus of prior-year operations.
- Serving as counsel to the state of Connecticut’s Clean Water Revolving Loan Program, our firm played key roles in structuring Connecticut’s wastewater fund and clean and safe drinking water fund programs.
Investor-owned water utilities
Our attorneys call on the talents of our colleagues at the firm who have represented investor-owned water utilities. Clients include the American Water Works Company and its subsidiaries, and the Milford Water Company.
We acted as borrower’s counsel to Massachusetts-American Water Co. in connection with a bond issue by the Massachusetts Development Finance Agency to finance a water treatment facility.
Privatization of water/sewer operations
A related area of our experience involves various efforts to privatize the operations of municipal water and sewer operations. We have represented municipalities, underwriters, and private water and sewer companies in connection with privatizations of these types of facilities in multiple states.
Water project development, financing, and sales
Our attorneys have represented Covanta Water on the development and financing of several water projects, including a project in Bessemer, Alabama, and a project in Tampa, Florida. The Tampa project is the largest seawater desalination facility in the country.
We have worked with investment banking firms in connection with sales of municipally owned systems as well as long-term operating contracts (including those in which the private operator has contributed capital to the system).