Thames Water Tidal Tunnel Investment Cost Hits 70 Million Pounds
Thames Water Utilities Ltd., the U.K.’s largest water supplier, said investments to develop the Thames Tideway Tunnel project totalled 69.7 million pounds ($112 million) for the six-month period ending Sept. 30.
As proposed, the Tideway Tunnel will intercept at least 18 million tons of untreated sewage and wastewater that enters the River Thames tidal area each year through sewer overflows, the British water company said in a statement.
Thames Water said it’s working with stakeholders “to ensure the project is delivered in a way that gives value for customers’ money” and that the investment bank UBS AG (UBSN) has been selected to help develop a cost-effective financial structure for an infrastructure provider independent of Thames Water to raise finance and build the Thames Tideway Tunnel.
Kemble Water Holdings Ltd.’s Thames Water unit serves 14 million mainly residential customers in London and parts of the Home Counties that surround the U.K.’s biggest city.
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