Welsh Water secures EIB funding for investment programme
Mar 25, 2011
Dwr Cymru Welsh Water has signed a £100 million loan agreement with the European Investment Bank to secure funding for essential water and wastewater improvement schemes throughout Wales.
The schemes to be funded are spread across Wales. £109 million is earmarked for wastewater service improvements to protect the environment and generate renewable energy, and £141 million will be spent upgrading water treatment works and renewing water mains to ensure reliable and excellent quality drinking water for customers.
Dwr Cymru Welsh Water chairman Robert Ayling said, “I’m pleased that the European Investment Bank has agreed to provide a further £100 million financing of our water and wastewater improvement programme. It will help to fund our ongoing investment that is delivering improving levels of service to our customers while also benefiting the environment of Wales. The EIB continues to be a very important source of secure finance for Welsh Water, and we look forward to continuing to work with the bank in the future.”
European Investment Bank Vice President for the UK Simon Brooks said “The European Investment Bank is a key partner of the UK water sector. We welcome the strong commitment to environmental protection and climate action within Welsh Water’s long-term improvement programme.”
Welsh Water is owned by Glas Cymru and has a unique not-for-profit ownership model within the UK water industry, existing solely to provide the best possible service to customers. It is not quoted on the Stock Exchange and has no shareholders, enabling financial surpluses to be reinvested in improving services.
Over the last 5 years the European Investment Bank has provided £2.3 billion for water projects across the United Kingdom. The European Investment Bank is Europe’s long-term lending institution, owned by the 27 EU member states.
- The £250 million investment schemes will be spread across Wales.
- £86 million will be spent on schemes at sewage works to produce renewable energy from sewage sludge waste.
- £103 million will be spent on improving the quality of drinking water at treatment works throughout Wales, including major works at Cwellyn (£15m), Cilfor (£4m), Mynydd Llandygai (£10m), Eithinfynydd (£9m), Penycefn (£8m), Llidiardau Bala (£7m), Alwen (£16m) and Capel Dewi (£9m).
- £23 million will be spent on improvements to wastewater treatment works, including large schemes at Five Fords (£10m), Aberporth (£2m) and Swansea (£9m).
- £22 million will be spent on reducing the levels of leakage on our potable water network and £16 million will be spent on addressing water quality issues through improvements to our strategic trunk mains and distribution system.
- Glas Cymru was formed in April 2000 for the sole purpose of acquiring Welsh Water. It is a ‘company limited by guarantee’ registered under the Companies Act 1985. Glas Cymru has no shareholders. Instead, Members carry out an important corporate governance role but they do not receive dividends nor do they have any other financial interest in the Company. This corporate structure ensures that all financial surpluses generated are retained and reinvested for the benefit of Welsh Water and its customers.
- Glas Cymru’s constitution limits its purpose to that of financing water assets in Welsh Water’s area of appointment and managing Welsh Water’s business so that high quality water and sewerage services are delivered at least cost to the communities served by Welsh Water. Glas Cymru cannot diversify into other unrelated commercial activities.
Dŵr Cymru Welsh Water
P.O. Box 690
Tel: 02920 556 140
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