Shearman & Sterling represented the U.S. Environmental Protection Agency (USEPA) in connection with the extension of a $48.7 million secured loan to the Florida Keys Aqueduct Authority for the Florida Keys Imperiled Water Supply Rehabilitation Project. The loan, issued under the Water Infrastructure Finance and Innovation Act (WIFIA) program, will finance the replacement of the Stock Island Reverse Osmosis Facility, an essential but failing desalination plant which allows the Keys to produce reliable freshwater during emergencies such as hurricanes. The replacement plant with new membrane technology will be able to treat up to four million gallons of water per day. The loan will also support additional upgrades to aging infrastructure throughout the system, including 12 miles of pipes and an underperforming water distribution pump station. These upgrades will improve the system’s climate resiliency and mitigate the impacts of more frequent and severe hurricanes. Total project costs are projected to be approximately $100.2 million.

The Team