Aqualia Successfully Completes Refinancing of €1.25 Billion Debt
- The company, jointly owned by FCC (51%) and IFM (49%), has just completed the issuance of a €500 million green bond with a 7-year maturity. This transaction was supported by the European Investment Bank (EIB) and ICO (Spanish Official Credit Institute – Instituto de Crédito Oficial)
- Additionally, Aqualia has secured five bilateral green loans with Banco Sabadell, Caixabank, Cajamar, Kutxa, and Unicaja, totalling €750 million
- Through these operations, the water cycle services operator has fully repaid, one year ahead of schedule, the syndicated green loan contracted in 2022, thereby strengthening its capital structure
Aqualia, one of the world’s leading water management companies, has successfully completed the refinancing of its debt through a series of coordinated actions amounting to a total of €1.25 billion.
On one hand, the end-to-end water cycle services operator has issued a 7-year green bond worth €500 million. The transaction, which received investment-grade ratings from Fitch and S&P, was successfully completed and attracted demand three times the issued amount. The bond will pay a 3.75% coupon with a Mid Swap +150 basis points premium, representing the lowest spread for any transaction of this maturity that the company has carried out in the debt market to date.
Caixabank, Société Générale, and BBVA acted as global coordinators for the transaction, while Caixabank, ING, and Société Générale served as sustainability agents. DNV supported the issuance with a Second Party Opinion.
The green bond investors are primarily based in France, Spain, Portugal, Belgium, the Netherlands, Luxembourg, the United Kingdom, Ireland, Germany, Austria, Switzerland, and Italy. Among the subscribers are the European Investment Bank (EIB) and the Spanish Official Credit Institute (Instituto de Crédito Oficial – ICO).
In addition, Aqualia has signed five 5-year bilateral green loans with Banco Sabadell, Caixabank, Cajamar, Kutxa, and Unicaja. These loans, ranging from €100 million to €250 million, will provide a total of €750 million.
With these operations, Aqualia has fully repaid, one year in advance, the syndicated green loan signed in 2022, thereby reinforcing its capital structure. In July 2024, GGU, Aqualia’s subsidiary in Georgia, issued a $300 million green bond to improve water cycle infrastructure and enhance energy efficiency in service delivery in the country.
According to Santiago Lafuente, CEO of Aqualia, “These operations, endorsed by major financial institutions and the broader debt market, confirm the strategy the company has pursued for years, both in its international expansion and its business model”.
An International and Sustainability-Oriented Company
Aqualia is a water management company owned by the citizen services group FCC (51%) and the ethical Australian fund IFM Investors (49%). It is the fourth-largest water company in Europe by population served and the ninth-largest globally, according to the latest Global Water Intelligence ranking (December 2024).
Currently, it serves 44.8 million users across 18 countries: Algeria, Saudi Arabia, Colombia, Chile, Egypt, United Arab Emirates, Spain, United States, France, Georgia, Italy, Mexico, Oman, Peru, Portugal, Qatar, Czech Republic, and Romania.
The company’s business strategy and sustainability roadmap are aligned with the 2030 Agenda. Through active engagement with its stakeholders, Aqualia has developed its 2024–2026 Strategic Sustainability Plan (SSP), as a continuation of the 2021–2023 SSP.