PressNewsFinancialsStakes and investments: Allianz invests in London’s Thames Tideway Tunnel

Allianz invests in London’s Thames Tideway Tunnel

Service & Contacts

Allianz Group Communications
Koeniginstr. 28
80802 Munich
Germany

Contact overview

Receive the latest Allianz news.

Newsletter

Follow Allianz in the social networks:

Facebook
Twitter
Google+
LinkedIn

  • Contact

  • Newsletter

  • Social Media

Bazalgette Tunnel Limited has received the licence from the Water Services Regulation Authority (‘Ofwat’) to own and finance London’s £4.2 billion ‘super sewer’.

 

Allianz Capital Partners
Munich, Aug 27, 2015

Allianz-The proposed route of the new tunnel The proposed route of the new tunnel.

Download image

The consortium, consisting of pension funds and other long-term investors represented by Allianz, Amber Infrastructure Group, Dalmore Capital and DIF, will invest up to £1.275bn into the Thames Tideway Tunnel via its new special purpose company Bazalgette Tunnel Limited, trading as ‘Tideway’
 
The investor group includes a significant proportion of UK pension funds through which over 1.7 million UK pensioners will have an indirect investment in Tideway. The Consortium’s backing for Tideway fulfills a key component of the HM Treasury’s National Infrastructure Plan designed to finance the development of UK infrastructure with the support of highly experienced private investors.
 
Tideway will be the largest single asset in the water sector. An innovative procurement method, combined with the current low interest rate environment, has contributed to significant cost savings for the project, substantially reducing the contributions expected from the end consumer.
 
The project will help prevent the 39 million tonnes of untreated sewage currently discharged into the tidal River Thames in a typical year. It will connect 34 existing overflows along the 25km stretch of the Thames, and take effluent – discharged from Acton in the west to Straford in the east – to Becton for treatment. Tideway will rejuvenate the iconic river and ensure the capital’s sewerage system is fit for the 21st century, as well as creating thousands of jobs and helping to boost the economy.
 
The consortium’s investment vehicle takes its name from Sir Joseph Bazalgette, the pioneering Victorian engineer, who more than 150 years ago transformed the capital, constructing the interceptor sewers to keep sewage out of the River Thames. Still in excellent condition, these remain the backbone of the capital’s sewerage network, but now lack the capacity to cope with the city’s rapidly growing population.
 
Tideway will operate under the established water regulatory framework, with bespoke features to reflect the nature of the construction obligations. There will also be a mechanism applied after construction to incentivise cost and time savings and from 2030, Tideway will be subject to Ofwat’s 5-yearly regulatory reviews.
 
Christian Fingerle, Chief Investment Officer responsible for infrastructure investments at Allianz Capital Partners said:
 
"We are convinced that this major project will modernize a pivotal aspect of London’s essential infrastructure and are‎ delighted that Allianz can help to upgrade London’s sewerage system. This investment will be a very important partnership between all stakeholders and Allianz. Together, we want to achieve a major improvement to London's iconic river."

  Further information

  Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

  Press contact

Stefanie Rupp-Menedetter
Allianz Capital Partners                          
Phone +49.89.3800-2743
Send email

  More at allianz.com

Allianz brings renowned ‘Digital Insurance Agenda’ summit to Munich

Allianz-Allianz brings renowned ‘Digital Insurance Agenda’ summit to Munich
Jul 28, 2017 | Allianz SE

Munich will play host to the renowned Digital Insurance Agenda (DIA) for the first time through the efforts of Allianz, one of the driving forces behind the new InsurTech Hub Munich consortium. The must-see event on InsurTech and innovation will take place on November 15 and 16, 2017 at the Eisbach Studios.

More...

Hailing down a plane

Allianz-Hailing down a plane
Jul 27, 2017 | Allianz SE

Wingly, a flight-sharing platform for small aircraft supported by AGCS, has taken carpooling aerial, connecting passengers with civil pilots looking for more air time...

More...

Allianz, EDF Invest and DIF acquire 6.94 percent in Autostrade per I’Italia

Allianz-Allianz, EDF Invest and DIF acquire 6.94 percent in Autostrade per I’Italia
July 26, 2017 | Allianz SE

A consortium made up of Allianz, EDF Invest and DIF has completed the acquisition of a 6.94 percent stake in Autostrade per I’Italia, the largest Italian toll road network which is majority owned by Atlantia, the listed global operator of motorway and airport infrastructure. This is an increase from the binding agreement to acquire a 5 percent shareholding announced in April 2017 by use of a call option to acquire additional shares.

More...
More...