Thames Water gets further £750 million of equity funding from shareholders
By Ian Walker Thames Water said Monday that shareholders have agreed to a further 750 million pounds of equity funding over the period through to 2025, with a further GBP2.5 billion expected over the following five-year plan.
The water company said the new funding is subject to certain conditions, including the preparation of a turnaround business plan that delivers targeted performance improvements for customers, the environment and other stakeholders over the next three years, and supported by appropriate regulatory arrangements.
The company said it has a strong liquidity position with GBP4.4 billion of cash and committed funding at March 31. "The substantial equity support package announced today will underpin the delivery of a more focused turnaround plan that builds on the foundations that have been put in place over the last two years and focuses expenditure on a smaller number of initiatives, which will deliver material and sustainable improvements in key performance metrics over the next three years," Interim Co-Chief Executive Officers Cathryn Ross and Alastair Cochran said.
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