European Bank Supports Water Utility
Published on by Water Network Research, Official research team of The Water Network in Business
European Investment Bank loans £230m to Welsh Water to keep costs and bills down
Welsh Waterhas agreed a £230m loan facility with the European Investment Bank to cut costs, keep bills lower and continue its investment programme.
The 15-year loan with theEuropean Investment Bankfollows recent engagement by Europe's long-term lending institution in Wales including support forSwansea University's new campus, upgrading Bangor University and improvements to energy infrastructure by Wales and West Utilities and National Grid.
It will help finance Welsh Water's extensive capital expenditure programme to maintain and improve its services.
This includes improving drinking water quality through the company's £120m investment programme to rebuild, refurbish or upgrade 12 water treatment works as well as rolling out schemes such as its surface water management approach called RainScape in Llanelli and Gowerton.
Welsh Water has benefited from loans of more than £500m from the European Investment Bank since the inception of Glas Cymru in 2001.
Source: Wales Online
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