In February 2025, Brazilian sanitation firm Aegea approved $600 million in blue financing, including a $480 million syndicated blue loan and $120 million in sustainable and blue debentures.

The five-year transaction will see proceeds allocated towards sustainable water use and the protection and restoration of water resources and marine ecosystems.

The issuance was structured by BTG Pactual, which said that this was carried out in recognition that syndicated lending "would be critical to mobilising a broader range of capital providers and scaling impact in a sector with substantial investment needs".

The two partners also developed a governance framework covering monitoring and reporting of the projects, to ensure this is accountability over the life of the instrument.

Judges of the Environmental Finance Sustainable Debt Awards praised the bond's "clear and concise" use of proceeds, with unique and underfunded eligible categories. They said the "template-like structure had excellent transparency and impact reporting".