The European Investment Bank has granted a £700M loan to developers of the £4.2bn Thames Tideway Tunnel.
The 35-year loan is to Tideway, the company set up to build, design and commission the 25km tunnel.
“The new £700M loan for Tideway represents the European Investment Bank’s largest ever water loan and the most significant support for UK infrastructure since Crossrail,” said European Investment Bank (EIB) vice president Jonathan Taylor.
“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 £2bn 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.”
According to Tideway, the loan covers a significant amount of the money it needs to raise for the project. “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 the company’s chief financial officer Mark Corben.
New Civil Engineer is currently working with Tideway to deliver an exclusive supplement showcasing collaboration between organisations involved with the project, while promoting Tideway’s ambitions across the industry.
To get involved with the supplement and showcase your company’s skills, technologies and innovations, please contact Emma Rowland on 0207 391 4546 or email Emma.Rowland@Emap.com.