European Investment Bank backing for Thames Tideway Tunnel
Jun 28, 2016
The European Investment Bank has agreed to provide a GBP 700 million loan for the GBP 4.2 billion Thames Tideway Tunnel, the biggest infrastructure project ever undertaken by the UK water industry. Often dubbed the ‘super sewer’, the project is urgently needed to help tackle overflows of untreated sewage into the river through the centre of the British capital
The European Investment Bank is the world’s largest lender for water-related investment and the backing for the Thames Tideway Tunnel represents the largest-ever loan for water investment worldwide. The 35-year long-term loan from Europe’s long-term lending institution has been agreed with Tideway, the new regulated company set up to design, build, commission and maintain the 25 km tunnel, which will directly control or intercept discharges from more than 30 combined sewer overflow points, stretching from Acton in the west to Stratford in the east. “The new GBP 700 million loan for Tideway represents the European Investment Bank’s largest-ever water loan and the most significant support for UK infrastructure since Crossrail.
This demonstrates the EIB’s strong commitment as the largest source of financing for long-term investment in UK water infrastructure since before privatisation and builds on more than GBP 2 billion of support for investment to improve London’s water and waste water infrastructure since 1989. We are pleased to support the construction of the Thames Tideway Tunnel, a world-class engineering scheme, delivering infrastructure vital to clean up the Thames,” said Jonathan Taylor, European Investment Bank Vice President. “The EIB’s backing for Tideway is an important vote of confidence in us as a company, as we move into the construction phase. This loan covers a significant proportion of the financing we need to raise. The innovative, index-linked structure enables us to lock-in financing costs, whilst also matching our funding requirements and profiling debt service, in line with the expected growth in our asset base,” said Mark Corben, Tideway Chief Financial Officer.
“The Thames Tideway Tunnel is a really impressive project. It will improve the quality of the water in the Thames - benefitting fish and wildlife - and all the people along its banks. It will prevent millions of tonnes of sewage flowing into the water. It is also an excellent example of investment in the UK’s water sector, supported by financing from institutions such as the European Investment Bank: good value for customers, creating jobs and making the long term infrastructure decisions necessary to protect this great city and our natural environment in the century ahead,” said Rory Stewart MP, Environment Minister. The European Investment Bank is the world’s largest international public bank and is 16% owned by the UK government.
The European Investment Bank has provided more than GBP 12.6 billion for investment in water and waste water infrastructure across the UK including expanding reservoirs, reducing leaks and protecting against flooding. Lending by the EIB in the UK last year totalled GBP 5.6 billion and supported long-term investment in 40 projects across the country. This represented the largest annual engagement since the start of EIB lending in the UK in 1973, which has supported nearly GBP 16 billion of overall investment. In the last 10 years the European Investment Bank has provided nearly GBP 8 billion for direct investment in London, with additional investment from UK wide programmes.
More News and Articles
Mar 27, 2024
News
USU Study Looks at Water Main Break Rates in the U.S. and Canada
Report Highlights Correlation Between Material and Diameter
Mar 26, 2024
News
Update BE-21: New Material in Course and Modules on Trenchless Pipe Installation
Online training on the topic of pipeline installation in civil engineering: Trenchless technology for underground drainage construction can be a resource-efficient, environmentally friendly, time-saving, and cost-effective alternative to open cut methods. The UNITRACC e-learning course "Utility Tunnelling" has been enhanced …
Mar 25, 2024
Article
Bacteria as a new weapon in wastewater treatment
In early November, San Diego based startup Aquacycl officially opened its first European office and test center at the Water Campus in Leeuwarden. The Netherlands Foreign Investment Agency (NFIA) and the Investment and Development Agency for the Northern Netherlands (NOM) …
Mar 22, 2024
News
A superior HDD offering
Building on its relationships with leading horizontal directional drilling companies, TRACTO Australia has delivered three new rigs to operator Superior HDD.
Mar 20, 2024
News
New portable water filtration technology could improve access to clean drinking water worldwide
The University of Texas at Austin has developed an injectable water filtration system with the aim to aid the over two billion people worldwide who are without clean drinking water.
Mar 18, 2024
News
Global Student Innovation Challenge Calls on Next-Generation Leaders to Tackle Water Security
High School and University Students Worldwide Invited to Expand Water Access and Community Resilience
Mar 15, 2024
News
New water treatment wins Prestigious Award
Introducing a advancement in water treatment, developed by Cardiff University researchers in collaboration with Origin Aqua, the FreeOxTM technology has garnered acclaim by winning a prestigious challenge award at the World Water Tech Innovation Summit. This single-step process not only …
Mar 13, 2024
News
Satellite-based river monitoring technique could provide early warning of flooding
A satellite-based method for monitoring the flow of rivers from orbit could provide a valuable early warning system for flood risk, University of Glasgow researchers have claimed.
Mar 11, 2024
News
Revitalising infrastructure with HDD
Through the use of horizontal directional drilling, TasWater is delivering a new sewer pipeline to improve sewer and stormwater transfer capacity in Launceston, Tasmania.
Mar 06, 2024
News
Picking up the pace on climate action: Building momentum from COP28
At the halfway point of the Paris Agreement, the legally binding international treaty on climate action, average global temperatures are already hitting 1.8°C above pre-industrial levels and future projections are stark. At COP28 in December, we could not escape the reality …
Mar 01, 2024
News
Luminescent sensor detects ‘forever chemical’ pollution in water
Researchers in the UK and Germany have developed a new approach for detecting pollution from ‘forever chemicals’ in water through luminescence.
Feb 28, 2024
Article
BETT installation demonstrating GHG emissions reduction of wastewater treatment
This study presents BioElectrochemical Treatment Technology (BETT) as a new wastewater management solution toward the Net-Zero future. The results reported herein were collected from a BETT pilot system installed at a large brewery in Los Angeles, CA, United States processing …
Contact
Tideway
Nick Tennant
The Point, 37 North Wharf Road
W2 1AF London
United Kingdom
Phone:
+44 7789 961408