The Astris team possesses significant experience in water projects, having advised industrial and governmental sponsors on more than USD 500 million of water projects. Projects covered have included: (i) the reform, overhaul and/or privatization of various municipal and regional water distribution systems and waste management programs, (ii) irrigation systems, (iii) aqueducts, (iv) desalinization plants, and (v) private water delivery systems.

• We typically take an active part in the review of feasibility and assessment studies, including but not limited to intake water quality studies, environmental impact assessments and risk mitigation plans.
• We advise the sponsor on the structure of the purchase agreement in light of several key bankability issues, including: (i) the nature and collateralization of the payment obligation, (ii) the counterparty risk analysis, (iii) the price setting mechanism, (iv) the tariff structure and indexation (capacity payment, variable component, etc.) and (v) various other key issues existent in the project purchase agreement such as termination provisions, raw water supply agreement issues, variations in intake water quality, force majeure, etc.
• We work on the appropriate structuring of the key project contracts, including the construction contract and the O&M contract, with a view to ensure a clear transfer of risk to contractors and minimize the credit support which sponsors will have to provide during construction. This is particularly important in technology-intensive projects such as reverse osmosis desalination or third generation water treatment where lenders do not want to bear any technology risk.