Export Development Canada (EDC), Canada’s state-backed export credit agency has incurred significant losses after lending as much as a billion Canadian dollars to Thames Water.
Export Development Canada (EDC), Canada’s state-backed export credit agency has incurred significant losses after lending as much as a billion Canadian dollars to Thames Water.
According to a news story in the Financial Times yesterday which cited unnamed investors, which has been widely reported in the media, in recent weeks EDC has sold the loans it made to the UK water company at deep discounts.
A separate report in yesterday’s Guardian stated that Thames Water had “received five loans from EDC between 2018 and 2022 which were made in order to support the Canadian public sector pension fund Ontario Municipal Employees Retirement System's (Omers) investment in Thames Water. The total value of the loans was between C$750m and C$1.45bn (between £422m and £820m), EDC said, while declining to give an exact figure.”
In May Omers wrote down the value of its 31% equity stake in Thames Water to zero.
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