Thames Water has begun the competitive tender process inviting potential investors to bid for a stake in financing the £4.2bn Tideway Tunnel.

Construction of the Tunnel is still subject to a planning inquiry by the Planning Inspectorate – today is the deadline for the Inspectorate to submit its recommendation.

Last week the Government announced that the Thames Tideway Tunnel project had been classified as a Specified Infrastructure Project. The specification notice prohibits Thames Water from conducting the main tunnel construction works and requires the company to tender the project through a competitive procurement process for a separate Infrastructure Provider.

The IP will finance, design, construct, operate, maintain and own the tunnel assets. The successful bidder will be announced in early 2015, when the main works contracts will also be confirmed.