2012年-世界发展银行全球_Private_Investment_in_Water_and_Sewerage_Recovers_in_2011_Mostly_Due_to_Activity_in_China_9页_891kb

Summary of Private Investment in Water and Sewerage Projects in 2011

Core Content

In 2011, private investment in water and sewerage projects saw a recovery, with 31 projects reaching financial or contractual closure across six lower- and upper-middle income countries: Algeria, Brazil, China, Jordan, Mexico, and Peru. The total investment commitments amounted to US$2.62 billion, of which over US$1 billion was directed towards existing projects and US$1.5 billion towards new projects. This represented an 8.3% increase in total investment compared to 2010, despite a 24% increase in the number of projects.

The investment was heavily concentrated in Latin America and the Caribbean (LAC), with US$2 billion in commitments, followed by East Asia and Pacific (EAP) with US$586 million. This concentration was largely due to the second phase divestiture of Aguas Andinas in Chile, where the government sold 30% of its shares to institutional investors, raising US$986 million. This divestiture, along with the dominance of management and lease contracts, contributed to the higher investment levels in LAC.

Main Points

• Number of Projects: 31 projects were completed in 2011, with China accounting for 26 of them, Brazil and Mexico for 2 each, and Jordan and Algeria for 1 each.
• Total Investment: US$2.62 billion was invested, with US$1.5 billion allocated to new projects and US$1.12 billion to existing ones.
• Growth in Investment: There was an 8.3% increase in total investment compared to 2010, and a 24% increase in the number of projects.
• Regional Activity:
  • East Asia and Pacific (EAP): China was the main hub for private investment in water and sewerage.
  • Latin America and the Caribbean (LAC): Four projects closed in 2011, with significant investment due to the Chilean divestiture.
  • Middle East and North Africa (MENA): Two projects closed, both in management and lease contracts.
  • No activity was reported in Europe and Central Asia (ECA) and Africa (AFR) since 2008, and in South Asia (SA) since 2010.

Subsector Focus

• Water treatment plants accounted for 25 new projects (80% of all new projects) and US$684.84 million in investment (26% of total).
• Water utilities accounted for 6 new projects (20% of all new projects) and US$1.936 billion in investment (74% of total).
• Water treatment projects were concentrated in China (23), Mexico (1), and Peru (1).
• Water utility projects were spread across EAP (China), LAC (Brazil), and MENA (Jordan and Algeria).

Contract Type Focus

• Management and lease contracts were the most common, with 11 projects.
• Concession contracts were the second most common, with 10 projects (8 in China and 2 in Brazil).
• Greenfield projects included 7 projects in China, 1 in Peru, and 1 in Mexico.
• Divestiture involved 1 project in Chile.
• Investment concentration: Despite the dominance of management contracts (which involve no investment), investment was primarily concentrated in divestitures, greenfield projects, and concessions.

Sponsor Focus

• Chinese sponsors were the most active in terms of number of projects (17), primarily investing in China.
• Mexican and Spanish sponsors were the most active in terms of total investment:
  • Mexican sponsors invested US$214 million.
  • Spanish sponsors invested US$149.5 million.
• International participation: Some projects involved foreign sponsors, such as TAHAL Group (Israel), Sinomem Technology (Singapore), Anneng Group (China), and ACS Group (Spain).

Featured Project: El Realito Aqueduct (Mexico)

• Project Type: Greenfield (BOT)
• Project Status: Under construction
• Segment: Potable water treatment plant
• Investment Commitment: US$214.8 million
• Capacity: 86,400 m³/day
• Sponsors: A consortium led by ICA (Mexico, 51%) and FCC (Spain, 49%)
• Project Details: The project involves building, operating, and maintaining a water supply and purification system, including a 132 km pipeline, three pumping stations, and a 1 m³/second water treatment plant.
• Financing: The project received a US$97.04 million syndicated loan from Banco Santander, a US$73.85 million capital grant from FONADIN, and US$43.9 million in equity from sponsors.
• Debt-to-Equity Ratio: 69:31 (excluding subsidies)

Key Investment Trends

• China was the main driver of private investment in water and sewerage, with 26 projects.
• LAC saw significant investment due to the Chilean divestiture.
• Management and lease contracts were the most common type, but concessions and greenfield projects accounted for most of the investment.
• Investment in water utilities was much higher than in water treatment plants, indicating a preference for utility-based projects.

Summary Table