Thames Tideway Tunnel project issues £300m in Green Bonds

Thames Tideway Tunnel project issues £300m in Green Bonds

Tideway is an infrastructure project that will deliver an environmental benefit for London by preventing more than 95% of sewage that currently spills into the River Thames, making it a healthier river for future generations.


The company’s announcement follows its updated Green Transaction Evaluation by S&P Global Ratings with an environmental benefit score of 95/100 and an advanced governance and reporting opinion.


Having led the field in the issuance of Green Bonds, it was the largest corporate issuer in sterling back in 2017, the positive response from the market to this week’s issuance reflects the strong performance of the project.


Underground works to construct the 25km tunnel, which is big enough to fit three double-decker buses side-by-side, will complete this year with the connection and testing works due to finish by 2025.


Sir Neville Simms, Tideway’s chair, said:


“We are really pleased with the response from investors to this issuance. Sustainability is core to our mission so we have aligned the financing of the company to our sustainability goals.


“Tideway’s green and sustainable debt issuance seeks to demonstrate to investors that in addition to our core purpose to reduce pollution in the river, we also hope to reconnect London, and Londoners, with the river and how the financing of the project supports that vision.”


The £4.2 billion project started construction works in 2016, with 24 construction sites across London - the tunnel will soon connect below the river from West to East London.


Prior to the start of the project Ofwat said it would use "lessons learned" to develop ways for regulating and financing large infrastructure projects like the TTT in the future.


Alongside the underground tunnel, new areas of embankment are being created in the river above the infrastructure, which will offer new open spaces in the city overlooking the river.


Tideway aims to deliver a lasting legacy for London, with its focus around not only making the river healthier, but with an additional 54 commitments across five key themes: environment; health, safety and wellbeing; economy; people; and place.


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