£200m secured for work on Lake District pipeline supplying water to 2.5 million people across North West
A vital pipeline which has supplied water from the Lake District to 2.5 million people across Cumbria, Lancashire, and Greater Manchester for the past 60 years is set to receive £200m in new funding for maintenance.
Aviva Investors has provided £200m of financing towards the design, build and maintenance of the Haweswater Aqueduct Resilience Programme (HARP) in North West England, with essential maintenance work to be carried out across the 110km Haweswater Aqueduct pipeline.
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The project involves replacing six sections of the aqueduct's underground tunnels spanning a total of 52km and, with some sections of the pipeline as old as 90, HARP is expected to significantly modernise the aqueduct, improving its resilience for decades to come.
HARP also represents the first ever project to be approved under Ofwat's new Direct Procurement for Customers model, designed for the delivery of large-scale water projects via competitive tenders. Construction work is expected to start 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."
Aviva Investors has provided the index-linked financing on behalf of Aviva's Insurance, Wealth and Retirement business.
The group has also previously invested in two new campus developments at Cardiff and Vale College, as well as the new Velindre Cancer Centre in Cardiff, which provides specialist cancer services to over 1.7 million people in South East Wales and beyond.
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."