Aviva Investors has provided £200m of financing towards the design, build and maintenance of the Haweswater Aqueduct Resilience Programme (HARP) in North West England.
The investment has been made on behalf of Aviva’s insurance, wealth and retirement (IWR) business, providing up to £200m of index-linked financing.
The project will involve replacing six sections of the aqueduct’s underground tunnels spanning 52 km, which have been identified as requiring replacement to ensure future water quality and supply.
HARP is the first project to be approved under Ofwat’s new Direct Procurement for Customers (DPC) model, which has been designed for the delivery of large-scale water projects via competitive tenders, with the aim of improving efficiency and value-for-money for customers. Construction work is expected to commence in 2026.
Darryl Murphy, managing director, infrastructure, at Aviva Investors, said: “We are pleased to support a vital project to reinvigorate the Haweswater Aqueduct pipeline, the backbone of water supply for so many communities across the North West of the UK. We believe this represents a great opportunity to work alongside sponsors with long track records of strong financial performance, alongside a number of other experienced, high quality counterparties. It is another example of how we are investing into UK infrastructure to help the country get ready for the future, whilst delivering long-term outcomes for our clients and, ultimately, savers.”
Marcus Mollan, director of annuity asset origination at Aviva, added: “As one of the UK’s largest investors, we know we can play a significant role supporting new infrastructure and real estate projects across the country that help communities to get ready for the future. The Haweswater Aqueduct plays an important role in delivering water to so many homes and we’re pleased to be able to support its modernisation. This investment reflects our ongoing commitment to the North West and our ambition to drive long-term value and resilience across the region.”
