King & Wood Mallesons advised Sydney Water and the NSW Government on the successful refinancing of Sydney Desalination Plant for $2.3 billion. KWM worked alongside the other lead advisers Goldman Sachs and KPMG as part of a project team consisting of representatives from the Department of Premier and Cabinet, Treasury, and the Department of Finance and Services. The project team was led by Sydney Water and Chaired by Dr Kerry Schott.
The KWM team was led by Mark Upfold, our KWM infrastructure sector leader, and comprised a team of partners in energy (Dominic Bortoluzzi), Property (Stuart Dixon-Smith), Environment (Debra Townsend), Competition (Vishal Ahuja) and Due Diligence (Ros Anderson) supported by senior associates including Rod Smythe and Peter Staciwa.
Mark Upfold said: “King & Wood Mallesons was delighted to assist Sydney Water and the State on this critical transaction which will free up funds for other infrastructure projects. The transaction was structured to protect the long term water security of Sydney, including the future expansion of the plant if required.
“The objectives of the transaction were implemented in the context of the State’s broader policies of encouraging competition in the water sector and protecting water quality and public health and safety in a regulated environment.
“We enjoyed the challenge of designing a unique set of stewardship documents that were the first of their kind for a long term infrastructure investment in New South Wales.”
A consortium of the Ontario Teachers’ Pension Plan Board and Hastings managed infrastructure funds Utilities Trust of Australia (UTA) and The Infrastructure Fund (TIF) has been appointed by the NSW Government as the successful bidder for the refinancing.
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