Just Group plc, the FTSE 250 retirement specialist, has provided financing for the refurbishment of the Haweswater Aqueduct as part of the Haweswater Aqueduct Resilience Programme (HARP).
The proceeds of the transaction, completed in August 2025, will finance part of the estimated construction cost of £3 billion to deliver the project. The financing marks a significant step forward in the renewal of the critical infrastructure asset through strategic collaboration. The investment was completed over a period of two years as part of Just Group’s strategic infrastructure debt partnership with Global Infrastructure Partners, a part of BlackRock.
The existing aqueduct, originally built between 1935 and 1955, delivers drinking water from Cumbria to 2.5m people in Lancashire and Greater Manchester, and requires essential upgrades due to age. It is operated by United Utilities, the UK’s largest listed water company which serves over 7m people across the North West of England. Refurbishment of six tunnel sections will get underway in 2026.
Announcing the loan, Just Group said the project demonstrates how long-term, institutional investment is being crowded in from major institutional investors, like Just, to deliver tangible public benefits and support the UK’s objectives for sustainable growth and infrastructure renewal.
Just is trusted to manage around £28 billion of retirement savings, of which more than £3.6 billion (as at FY 2024) has been invested in dedicated sustainable assets such as renewable energy projects, affordable and social housing, clean transportation, and other social assets. In 2024, Just invested £1.8 billion in productive finance assets.
Mohamed Tabi, Director of Credit & Private Assets at Just Group plc, commented:
“At Just we help people achieve a better later life – it’s our purpose and why we exist. This is reflected in our role as a major investor in the UK making significant investments in productive finance projects that facilitate economic growth.”
Tim Cannon, Senior Investment Manager at Just Group plc, added:
“Just is committed to financing nationally significant UK infrastructure that delivers long-term economic, social, and environmental value. Investing in the Haweswater Aqueduct Resilience Programme supports regional development while providing the secure, long-term income to pay our policyholders and delivering lasting value for stakeholders.” 2 www.justgroupplc.co.uk
Just Group plc is a FTSE-listed specialist UK financial services company. The companies within Just Group are authorised and regulated in the United Kingdom by the Financial Conduct Authority and / or the Prudential Regulation Authority.
According to the Group, the investment delivers tangible public benefit by supporting sustainable infrastructure and aligns with the UK’s productive finance agenda.
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