tunnelling-journal (1)
tunnelling-journal (1)
  • Home
  • Print
    • Subscribe
    • Tunnelling Journal
    • Breakthrough
    • ITA Activity Report
    • A&NZ Journal
    • WTC Preview
    • Media Kit
  • Digital
    • Newsletter
    • E-Shots
    • TJ Digital edition
    • Products Page
    • Media Kit
  • Conferences
    • BTS Conference and Exhibition
    • Cutting Edge 2022
  • Buyer’s Guide
  • Events Diary
  • Jobs
  • About Us
  • Contact Us
  • Podcast

Home > EIB loan to Thames Tideway

EIB loan to Thames Tideway

Tris Thomas

Written by Tris Thomas on 18/05/2016 in News

Tagged:

The European Investment Bank has agreed to provide a £700M loan for the £4.2bn, 25km long, 7.2m i.d. 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 25km 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 £700M 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 £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,” 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 £12.6bn 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 £5.6bn 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 £8bn for direct investment in London, with additional investment from UK wide programmes.

Comments:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Digital Edition

More Like This

22/12/2022

CRCHI TBM achieves record advances in Peru

CRCHI TBM achieves record advances in Peru

December 6th saw the first CRCHI hard rock TBM exported to South America create an advance rate record of more…

10/11/2022

Vinci/Ferrovial JV awarded Ontario Line contract

Vinci/Ferrovial JV awarded Ontario Line contract

Metrolinx, the transit authority for the Greater Toronto region (Ontario, Canada) has awarded VINCI Construction Grands Projets in a 50/50 joint venture with…

30/01/2023

President Biden and Partners Kick Off B&P Tunnel Replacement

President Biden and Partners Kick Off B&P Tunnel Replacement

US President Biden, the U.S. Department of Transportation, and Amtrak have joined Maryland officials to execute the Project Kickoff Agreement…

  • Contact Us
  • Media Kit
  • Magazine Archive

Newsletter

The latest from the Tunneling Journal direct to your inbox.

Social



Enquiries

TGS Media Ltd
The Old Library
Webster House
Dudley Road
Tunbridge Wells
TN1 1LE
United Kingdom

© Tunnelling Journal. All Rights Reserved. Privacy Policy / Terms & Conditions. Admin

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkRead more