After a two-year procurement, the team of Andrade Gutierrez and Camargo Correo reached financial close on a Reais 2.6-billion (US$980 million) bank debt package for a 25-year P3 water supply concession in Sao Paulo City. Sabesp, Sâo Paulo’s state water company, awarded the concession.

The concessionaire team, Sistema Produtor San Lourenço, S.A., will expand the San Lourenço water system, one of seven systems that supply drinking water to Sâo Paulo. The city has been hit by a water drought that threatens its 11 million residents. Its two main water reservoirs, Cantareira and Alto Tieté, are at about 5% of capacity.