South West Water approached us to provide funding for investments to support its sustainability objectives. In February 2021, we provided a $200 million three-year multicurrency Green Shelf Facility, with a £60 million initial draw of 20-year private placement Notes. The Shelf was agreed under Pennon’s Sustainable Financing Framework, and will give South West Water efficient access to further private placement funding in the future.
South West Water Limited, based in Exeter, UK, is a regulated water utility serving Devon, Cornwall and parts of Dorset and Somerset. South West Water is part of the London Stock Exchange-listed Pennon Group plc and provides a population of approximately 2.2 million with reliable, efficient and high-quality drinking water and wastewater services.
Our relationship with the Group began in March 2011 when we established a Pru-Shelf facility with Pennon, South West Water’s unregulated holding company. Pennon drew on this in April 2012 to fund investments in its Viridor waste-management subsidiary, and we agreed additional follow-on funding in February 2014. Pennon disposed of Viridor in 2020.
Given our close existing relationship, South West Water approached us to provide funding for investments to support its sustainability objectives. In February 2021, we provided a $200 million three-year multicurrency Priu Green Shelf Facility, with a £60 million initial draw of 20-year private placement Notes. The Shelf was agreed under Pennon’s Sustainable Financing Framework, and will give South West Water efficient access to further private placement funding in the future.
We are pleased to continue our partnership with Pennon Group plc, and look forward to supporting South West Water’s ongoing business and environmental objectives.
