Bazalgette Tunnel Ltd’s £75 million fixed-rate senior secured green notes issuance to design, build, commission and maintain the Thames Tideway Tunnel in London has received the highest score on the S&P Global Ratings Green Evaluation scale.
Part of the broader London Tideway Improvements (LTI) plan, the construction of the tunnel aims to increase sewage storage capacity and contribute to the reduction of over 90% of the typical combined sewer overflows (CSOs) discharged into the Thames.
The issuance’s overall E1/95 score represents the highest on the S&P Global Ratings Green Evaluation scale - E4 is the lowest.
In September 2019, Bazalgette Tunnel Ltd. issued £75 million of fixed-rate senior secured green notes due September 2041. S&P said it expects Bazalgette Tunnel Ltd. will use the proceeds to design, build, commission and maintain the Thames Tideway Tunnel in London.
Noemie de la Gorce, analyst on S&P Global Ratings sustainable finance team, commented:
"The construction of the TTT aims to increase sewage storage capacity and reduce the amount of combined sewage overflows (CSOs) discharged into the Thames."
."The project scored very well across all of our factors of transparency, governance and, particularly, the positive environmental impact associated with the broader LTI project. In our view, the TTT will result in a positive environmental impact from the increase of available fresh water in the tidal Thames from wastewater treatment as well as carbon savings."
According to S&P, the excellent Governance score reflects the “pure play and regulated nature of Bazalgette Tunnel Ltd. as sole owner of the TTT.”
The company has been set up solely to "design, build, own, maintain, and finance" the TTT and operates under a specific regulatory framework, which supports high scores for the management of proceeds and evaluation of the project's environmental impact.
The very strong Transparency score reflects the disclosure requirements on the project's environmental impact and performance associated with the construction and operational phases.
The installation will capture 15.5 million cubic meters of untreated wastewater annually and reduce over 90% of the typical CSOs discharge in conjunction with the other infrastructure of the LTI plan. Wastewater will be redirected to the Beckton sewage treatment works where it will be treated. In addition, 40% of the works' power requirements will come from methane recovery.
S&P Global Ratings' Green Evaluations are asset-level environmental credentials that build upon current frameworks of governance and transparency (e.g. Green Bond Principles) and consider approaches for climate resilience and environmental impact.
The analyses aim to provide investors with a comprehensive picture of the green impact and climate risk attributes of their portfolios and can be applied to any type of financing, in part or in full.
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