United Utilities has published a Prior Indicative Notice seeking financial market input to identify potential providers of a credit support mechanism for its £1 billion Haweswater Aqueduct Resilience Programme (HARP).
The water company is proposing to deliver the flagship AMP7/8 scheme via Ofwat’s Direct Procurement for Customers (DPC) approach and engaging a Competitively Appointed Provider (CAP) to design, build, finance and maintain the major water resilience supply project.
In addition to engaging a CAP, United Utilities is now seeking input from suitably qualified parties who are capable of assessing and structuring a credit support mechanism that ultimately may be utilised by the CAP as part of its funding strategy.
Potential suppliers will need to have the capacity to offer credit support products in capital markets or on projects with debt requirements in excess of £500 million.
The scope includes working with the utility to develop a product suitable for investors in a future CAP, which in turn may utilise the product to enhance the credit quality of the debt finance which a CAP bidder intends to raise if appointed to deliver the HARP project.
Anticipated services required at each stage of the process will be as follows:
Analysis of the HARP project from a credit perspective - including examination of the commercial and financial arrangements, together with consideration of appropriate financing solutions and wider market issues and risks. The potential credit support provider may also be expected to work with UU in any discussions with or arising from UU’s engagement with the credit rating agencies in respect of the HARP project
Supporting discussions with investor market - including working with United Utilities in carrying out engagement with prospective CAP bidders to assist in the development of the credit support mechanisms that align to the likely financing arrangements proposed by the CAP bidders.
Offer of credit support – if it becomes apparent that the CAP bidder submissions would offer better value for money if a credit enhancement product was available, UU is keen to ensure that the option is made available to the widest possible range of prospective CAP bidders to facilitate enhanced competition in the CAP bidding process.
The potential credit support provider will need to have the capacity to offer a credit enhancement product to a prospective CAP that has an underlying credit quality of investment grade.
Interested parties to are being asked to respond to United Utilities by 23 December 2020 – click here to access the Prior Indicative Notice
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