Tideway, the company behind London's super sewer which is now operational, has become the first corporate to issue a 'Blue Bond' in Sterling.
Blue Bonds, a subset of the better-known Green Bonds, are designated to denote specific investor benefits to seas and marine environments. To date the company has issued 18 green bonds - the blue bond label of the latest issuance showcases the progress on the project with the Thames Tideway Tunnel (TTT) now in use and delivering its core benefit of cleaning the river.
Application is expected to be made for the Bonds to be admitted to trading on the London Stock Exchange's Main Market and the London Stock Exchange’s Sustainable Bond Market with effect from tomorrow.
Following an update to Tideway's Sustainable Finance Framework in May 2025, S&P Global Ratings assessed the framework as Dark green, which applies to all bond series under the Programme.
The Blue Bonds are expected to be rated:
- Fitch Ratings Ltd : BBB+
- Moody's Investors Service Ltd : Baa1
The £250 million 5.5% Fixed Rate Blue Bonds which are due 2033 have been issued under Bazalgette Finance plc's Multicurrency Programme. The estimated net proceeds of £247.77 million will be used to finance or refinance Allowable Project Spend - the cumulative expenditure incurred in connection with the TTT which is used to calculate the RCV.
Tideway is now moving from the construction phase into closing out the project and moving into the ‘system acceptance’ period.The cost of the project to customers remains within the original estimate, set more than 10 years ago and the company remains on course to complete the work ahead of the regulatory date of 2027.
Tideway shareholders will start to receive return on their investment
Tidweway is moving from a project delivery body to an asset ownership organisation and its shareholders will start to receive a return on their long-term investment.
Commenting on the project in Tideway’s Annual Report 2025 published in June, Chair Michael Queen said:
“It is encouraging to hear the growing number of voices citing Tideway as a blueprint for future UK infrastructure projects – and as a proof point that the UK, bringing together international expertise, can deliver worldclass infrastructure…..
“With the government’s focus on growth, Tideway is an example of the infrastructure the UK must build if we are to continue to be competitive and grow in a way that benefits all our citizens and protects the environment for the future. Long-term thinking is required to get this right, and we look forward to sharing our significant experience with policy makers, as we have done by contributing to the Cunliffe Review into the water sector.”
Tideway is due to hand the asset to Thames Water for operation in the coming months, with Tideway remaining as the asset owner and custodian of the tunnel.
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