NatWest has announced its support for United Utilities in financing the refurbishment of the Haweswater Aqueduct, a vital infrastructure that supplies water from Cumbria to 2.5 million customers in Greater Manchester and Lancashire - nearly 5% of England’s population.
The Haweswater Aqueduct, the largest potable water aqueduct in the UK, spans 110 km and was originally completed in the 1950s. It now requires essential upgrades and tunnel replacements to ensure continued water supply for future generations. The Haweswater Aqueduct Resilience Programme (HARP) will enhance the region’s strategic water network and marks one of the largest water infrastructure initiatives in the UK, generating up to 1,200 jobs at the peak of the construction work.
Construction is scheduled to begin in 2026, with six tunnel sections being replaced using advanced tunnelling techniques. United Utilities, the owner and operator of the aqueduct, will oversee the project, while Strabag UK will handle the design and construction of the new tunnels. Financing will be managed by UK infrastructure sponsors Equitix and GLIL, along with the Strabag Group.
Following strong backing from the UK Government via the National Wealth Fund’s Credit Enhancement Facility, the HARP consortium engaged financial institutions and investors to secure funding for the estimated £3 billion project. NatWest joined the debt financing syndicate to fund the project as a Mandated Lead Arranger, providing £140m in lending.
Ashleigh Grant, Infrastructure & Project Finance at NatWest, stated:
“We are excited to help fund the delivery of HARP. This transaction demonstrates NatWest’s ability to support high-profile, large-scale UK infrastructure projects, and it is also a good example of how multiple specialist teams from across NatWest work closely together to deliver the best outcome for our customers.”
This project further reinforces NatWest’s position as the UK’s leading bank for infrastructure financing. With a dedicated infrastructure team spanning over two decades, NatWest continues to demonstrate market leadership. Just last month, the bank was named by Infralogic as the number one lender to the UK infrastructure sector for H1 2025, with capital deployment rising approximately 17% compared to H1 2024.
Robert Begbie, CEO, NatWest Commercial & Institutional, said:
“We are proud to play a leading role in financing this landmark initiative that will secure water supply for millions across the North West. Our commitment to infrastructure financing is long-standing, and being recognised as the UK’s top lender in this sector reflects the depth of expertise and collaboration across our teams. Investment in infrastructure is a critical driver of economic growth and we look forward to supporting more projects that deliver lasting value for communities across the UK.”
