Thames Water has confirmed to TJ that it has hired Swiss Bank UBS to ‘provide financial advice’ in relation to delivering the £4.1bn, 32km long, 7.2m diameter Thames Tideway Tunnel project, or Super Sewer as it has been nick-named.
“The project is expected to be delivered by a regulated Infrastructure Provider, which will hold its own license issued by Ofwat. The ownership and financing of the Infrastructure provider will be kept separate from Thames Water,” said a Thames Water spokesperson, “Thames Water is working closely with Government and Ofwat to develop the financing solution for the project. UBS have been hired to provide financial market expertise to refine the financing solution for the Infrastructure Provider ahead of launching the procurement process next year.”
Construction of the ‘supersewer’ is expected to start by 2016 and take seven years to complete.