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Portsmouth Water’s funding completed to provide vital South East water resource

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Allen & Overy (A&O) has advised the borrower on a financing facility that has been secured with the purpose of providing Portsmouth Water with funds to undertake its approved capital programme and grow its Regulated Capital Value (RCV).

The financing facilities were negotiated simultaneously with a club of three banks. Successful signing and completion occurred on 2 March 2021. 

One of the key projects the funding will support is the construction of the new Havant Thicket Winter Storage Reservoir, which is the first UK reservoir to be built in almost four decades. This reservoir will supply water to Southern Water customers through a long-term bulk supply agreement. This is a first for the industry and will provide vital water resource for the South East.

Commenting on the transaction, A&O partner Jocelyn Land said: “The development of Havant Thicket Reservoir is a significant UK infrastructure project. We’re so pleased to have advised Portsmouth on this financing, demonstrating our continued leading position in the infrastructure market.”

Jocelyn Land and Tim Conduit led this transaction from London with support from associates Lucy Williams and Alexandra Page.