This paper investigates the role of public banks in the remunicipalization process in Paris, France, in addressing the financial needs of the new public municipal water company, Eau de Paris (EDP). We find that EDP has, until recently, eschewed reliance on debt financing, which explains the peripheral role of public banks in the transition from private to public.

We emphasize that the financial ecosystem for water utilities established by the water basin agencies in France accounts for a reduced need to borrow from credit institutions, but that declining water consumption and climate change are making debt financing necessary