According to the company building London’s new super sewer, the scheduled date for completing funding of this project is 2025, with the agreement of another £300m in Green Bonds.
Causing significant environmental benefits for London, Tideway is a leading infrastructure project that is going to deterrent the spilling of more than 95% of sewage into the River Thames as well as making it a healthier river for future generations.
Following the company’s updated Green Transaction Evaluation by S&P Global Ratings with an environmental profit score of 95/100 and developed governance and reporting opinion, the company announced this issue.
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.
Along with the connection and testing works, underground works in order to build the 25km tunnel, which is big enough to fit three double-decker buses side-by-side, is slated to be completed 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.”
Simms also added: “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 commencing date of construction works in this £4.2bn project was 2016. Including 24 construction sites across London, the tunnel is due to link beneath the river from West to East London as soon as possible.
In addition to the underground tunnel, new areas of the embankment are being created in the river upper the infrastructure, which will offer new open spaces in the city overlooking the river.
Intention of Tideway is to present a lasting legacy for London, with its concentrate 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.