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Lloyds and Scottish Widows back landmark £3 billion Haweswater Aqueduct refurbishment

Lloyds
Published on: 18 September 2025
2 min read

Lloyds and Scottish Widows have announced their commitment to the Haweswater Aqueduct refurbishment programme, one of the largest water infrastructure programmes in the UK.

The £3 billon crucial infrastructure project, by United Utilities, is set to begin in 2026 and is the first of its kind for the UK water sector. It will secure drinking water supplies for generations to come in Cumbria, Lancashire and Greater Manchester.

Scottish Widows has provided £100 million of lending through its annuity fund, acting as a Senior Lender. Lloyds will play a crucial role in ensuring the project’s financial structure and coordination is effectively managed in its responsibilities as Account Bank, Agent Bank and Security Trustee.

The project will see six underground tunnel sections of the 70-year-old aqueduct’s original 110km pipeline replaced, with most of the work happening below ground using cutting-edge tunnelling techniques.

It will also bring significant economic benefits to the region, as around 1,200 people are expected to be employed at the construction peak, with an apprentice recruitment programme to help build and secure skills for the future.

Our support for this landmark project reflects Lloyds’ commitment to securing sustainable infrastructure in the UK. We have played an integral role by providing a meaningful contribution to the financing and ensuring efficient and effective management of the banking facilities on this significant programme, which aims to make a real difference to communities across the country.

James Ranger Head of Debt Solutions at Lloyds

This project is a testament to the power of collaboration and innovation in addressing critical infrastructure needs. Our investment will help to secure water supplies for more than 2.5 million people for generations to come, as well as creating jobs and fostering economic growth in the region.

Jonathan Syson Senior Director of Loan Investments at Scottish Widows

 

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