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The iconic path of the River Thames through London is the setting for the £4.2bn Thames Tideway Tunnel project which began in 2016.
Read time: 3 mins Added: 20/04/2022
This impressive 7-metre-wide super tunnel, stretching 25km across the capital below the Thames, will capture more than 95% of the current surplus sewage that flows into the river, transporting it to the processing plant at Beckton, East London. Reducing sewage pollution in the river ensures that Londoners of the future benefit from a cleaner, healthier river environment.
Bazalgette Finance plc secured funding for the tunnel project to completion in 2025, through the issuance of 12 year, £300m Green Bond with Lloyds Bank as the bookrunner providing £100m. London’s Victorian sewage system was built to handle a population of around 4m. Today, the current population of almost 9m puts a huge strain on the ageing infrastructure; The Thames Tideway Tunnel will protect the river’s future for at least the next 100 years.
Beginning in Acton, West London, this vast construction project which is currently in the tunnelling phase, has 24 sites, employing a significant local workforce. Alongside the underground tunnel, new areas of embankment are being created which will provide open spaces and riverside walkways for Londoners to enjoy the river.
Lloyds Bank’s commitment to sustainability programmes helps deliver innovative solutions in partnership with a variety of UK businesses. Its involvement with Tideway enables the company to meet its 54 challenging goals which include job creation and retention, enhanced river transportation, increased use of the river for leisure as well as the fundamental ecological benefits.
Sir Neville Simms, Tideway’s chair said, ‘We are really pleased with the response from investors to this [bond] 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.’
Myles McBride, Head of Power & Utilities at Lloyds Bank said, ‘Our investment enables us to restore the river as a thriving aquatic habitat. We are also pleased to support Tideway to continue their community work with organisations such as environmental charity Thames 21 which oversees the Thames River Watch project. This partnership will ensure the environmental future of the river for all to enjoy.