Shearman & Sterling advised the US Environmental Protection Agency (EPA) in connection with the $225 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the City of San Diego to support its Stormwater Capital Improvement Program.
With this WIFIA loan and utilizing traditional infrastructure and green infrastructure, the Stormwater Capital Improvement Program will reduce flood risk and ensure that water flowing into local tributaries is clean and safe. These projects will also help the city restore natural habitats and protect its water systems against the impacts of climate change. In particular, the projects will redirect captured stormwater through existing, traditional drainage passageways as well as implement new green technologies that will use the city’s natural environment to filter stormwater and reduce untreated runoff that enters the Pacific Ocean.
This is the third WIFIA loan to the City of San Diego, and Shearman has advised on all three transactions.