The Milbank team was led by Allan Marks, partner in the Project, Energy and Infrastructure Finance Group.
"Water has become the new oil," said Mr. Marks. "With climate change and increased urbanization globally, clean drinking water will become a more scarce commodity. It is critical that communities get ahead of this challenge by finding more environmentally sustainable water supplies, by conserving to reduce per capita water use, and by adapting to recycled water where possible. The Vista Ridge pipeline project offers a new, safe and dependable fresh water source for San Antonio – reducing the City's reliance on the environmentally sensitive Edwards Aquifer while maintaining the City's water conservation policies."
Mr. Marks added: "This innovative project represents one of the largest public-private partnerships in the water sector in the United States. The transaction is an example of how shifting risk from the public to the private sector in financing, building and operating critical infrastructure benefits both the community and investors."
In addition to Mr. Marks, Milbank attorneys involved in the Vista Ridge transaction include Project Finance special counsel Jeff Cohen and associates Jeeseon Ahn, Francis Choi, Miguel Duran, Hao Huang, Eusebius Luk and Tom Quirxtner; Environmental Group partner Matthew Ahrens and associate Meghan Gabriel; Tax special counsel Drew Batkin; and Alternative Investments partner Eric Moser and associates Melissa Ferraro and Carl Ruggiero.
Engineering and design have already commenced, and major construction will start in January 2017. "Using a fixed price, design-build approach to construction allows for accelerated project delivery and budgetary certainty," added Allan Marks. The Vista Ridge Project is expected to begin operation in 2020. After the first 30 years of operation, ownership of the pipeline will be transferred to the San Antonio Water System.
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank's lawyers collaborate across practices and offices to help the world's leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives. For more information about Milbank, please visit www.milbank.com.
From: Jocelyn De Carvalho, Public Relations Manager; 212-530-5509; email@example.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/milbank-advises-lenders-in-historic-920-million-water-pipeline-project-for-san-antonio-texas-300358177.html
SOURCE Milbank, Tweed, Hadley & McCloy LLP