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Tideway issues first Green Bond

Tideway, the company building London’s super sewer, has today issued its first Green Bond.

The £250 million UK public bond forms part of the financing for the construction of the Thames Tideway Tunnel, a 25km sewer tunnel that will help tackle sewage pollution in the River Thames.

Last week Tideway published its Green Bond Framework, which sets out how Tideway will use the proceeds of Green Bonds for the construction of the tunnel as well as the governance for and reporting of the use of proceeds going forward. Tideway’s Green Bond Framework is aligned with the four core components of the International Capital Markets Association (ICMA) Green Bond Principles.

Following publication of Tideway’s Green Bond Framework, S&P published its Green Evaluation of Tideway’s funding platform, which applies to all bond series under the programme. S&P assigned an overall evaluation score of 95 out of 100, their joint highest global score to date.

Mark Corben, Tideway’s Chief Financial Officer, said: “We have always seen ourselves as an innovator in the environmental finance world and we are pleased to contribute to the development of the green financing market in the UK. It is clear that there is strong demand amongst investors and we believe it makes sense for Tideway to obtain green credentials.”

Environment Minister Thérèse Coffey said: “The Thames Tideway Tunnel will modernise our capital’s ageing sewage system and dramatically reduce the amount of sewage overflowing into the river.

“By issuing this Green Bond and inviting green investment, Tideway continues to build on its green credentials – significantly improving the quality of the Thames and encouraging people and wildlife to thrive.”

Claire Perry, Minister of State for Climate Change and Industry, said: “At the COP23 climate change summit in Bonn I have been setting out how you don’t have to choose between economic growth and carbon reduction. The transition to a clean, low carbon economy presents a multi-billion pound investment opportunity and we want UK businesses to take full advantage of it.

“The Government recognises the potential for the UK to cement its position as a global hub for investment in clean growth and today’s announcement of a Tideway green bond issue is another example of the leadership of the UK’s green finance sector.”