Financing for the second phase of the Segarra Garrigues irrigation project – conceived under Spain's original National Hydrographic Plan and the biggest infrastructure project in Catalonia to date – closed at the beginning of July.
Structured over the past three years by Caja Madrid, Dexia Sabadell, BBVA and La Caixa, the deal is a complex financing based on the sale by a special purpose company to lenders of future credit rights backed by a fully owned company of the Catalan government – in effect a future flow deal backed by state government IOUs that have not been issued yet.
Sponsored by Aigues del Segarra Garrigues (ASG) – a consortium comprising FCC (24%), ACSA AGBAR Construccion (22%), Copcisa (21%), Copisa (20%) and various local contractors (13%) – the future flow financing funds construction of a secondary irrigation network in the province of Lerida (Lleida in Catalan) in central Catalonia, which when completed...
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