White & Case advises Scotiabank on innovative debt finance facility for H2O Innovation to scale its US WaterHub platform

Global law firm White & Case LLP has advised The Bank of Nova Scotia (Scotiabank), as sole bookrunner, joint lead arranger and co-lead blue loan structuring agent, as well as the National Bank of Canada (NBC), acting as joint lead arranger, administrative agent, LC issuing bank, and co-lead blue loan structuring agent and Export Development Canada (EDC), who participated in the lending syndicate (collectively, the Lenders), on an innovative debt financing facility for H2O Innovation Inc. (H2O Innovation) a water solutions company that provides equipment, chemicals, consumables and long-term services supporting the full life cycle of water, wastewater and water reuse.

The financing is underpinned by long-term water services contracts with technology, university and other industrial users. In providing the financing, the Lenders will support H2O Innovation’s pipeline of water infrastructure  projects including the acquisition of operating assets, the development of greenfield facilities and the ongoing expansion of existing sites. The portfolio approach adopted in the financing will lower the cost of capital for the deployment of water, wastewater and reuse facilities critical to delivering the water transition.

Innovative features of the financing include an initial group of water assets employing different technologies combined with flexibility to finance additional water assets with varying counterparties, technologies and jurisdictions across the United States, whether those assets are operating and acquired, or are to be developed and therefore include construction risk.

The White & Case team was led by partner Dolly Mirchandani (New York) and included partner Ian Cuillerier (New York); counsel Gretel Martinez (Miami) and associates Shika Hegde (Sydney) and Stephen Fitzpatrick, Natasha Dusaj and Renee Concha (all in New York).

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