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Latham Advises on “Blue Loan” Financing for Acciona and BRK’s Water Sanitation Project in Brazil
June 3, 2026
A Latin America team advised the lenders on the multi‑source, multi‑currency financing of a major water sanitation project in Pernambuco, Brazil.
Spain’s Acciona, a leading infrastructure development sponsor, and Brazil’s BRK, controlled by Canadian investment firm Brookfield, established a joint venture to develop a €2.68 billion water sanitation project in Brazil. The joint venture was awarded a long‑term agreement to provide water sanitation services across 153 municipalities in the state of Pernambuco, Brazil.
The project was supported by a R$3.9 billion (c. €670 million) hybrid structure combining local debentures issued for public distribution in Brazil and a “blue loan” bridge financing governed by New York law.
Latham & Watkins LLP advised the lenders on the transaction with a Latin America team led by partners Pedro Rufino Carvalho, Jose Antonio Sanchez‑Dafos, Fernando Colomina, and Guido Liniado, with counsel Luis Sanchez, with associates Julio Martinez Rivas and Jaime Grau, and assistance from Dorian Marc Refloc’h.