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Welsh Water: £230m European loan to aid investment bill | Welsh Water: £230m European loan to aid investment bill |
(about 3 hours later) | |
Welsh Water has secured a £230m European loan to help meet a £1.5bn bill to invest in its network of pipes and sewerage sites across Wales. | Welsh Water has secured a £230m European loan to help meet a £1.5bn bill to invest in its network of pipes and sewerage sites across Wales. |
The not-for-profit water company says the money will be used as part of a five-year investment plan. | The not-for-profit water company says the money will be used as part of a five-year investment plan. |
The loan facility has been agreed by the European Investment Bank, which has provided Dwr Cymru Welsh Water with £500m since 2001. | The loan facility has been agreed by the European Investment Bank, which has provided Dwr Cymru Welsh Water with £500m since 2001. |
The firm says the loan means services can improve without increasing bills. | The firm says the loan means services can improve without increasing bills. |
Projects in the pipeline for Welsh Water include £120m to upgrade or rebuild 12 water treatment plants, and a £15m scheme that is being rolled out in Carmarthenshire and Swansea to manage surface water, called RainScape. | |
Welsh Water's chief executive Chris Jones said he was delighted to have secured the loan offer "as it helps us deliver higher investment and lower bills for our customers". |
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