NatWest (NWG) Joins £3B Water Infrastructure Financing Syndicate

NatWest Group PLC (NYSE:NWG) is one of the best very cheap stocks to buy according to hedge funds. On August 22, the company joined a syndicate of financial institutions to provide funding for the Haweswater Aqueduct Resilience Program (HARP). HARP is a major water infrastructure project in the United Kingdom. It involves the refurbishment of the Haweswater Aqueduct. This aqueduct, originally built in the 1950s, requires essential upgrades and tunnel replacements.

NatWest (NWG) Joins £3B Water Infrastructure Financing Syndicate

NatWest now becomes a member of the debt financing syndicate, where it will act as a Mandated Lead Arranger and contribute £140 million (about $189.32 million) in lending. The total project cost is an estimated £3 billion ($4.06 billion). A consortium that includes UK infrastructure sponsors GLIL and Equitix, as well as the Strabag Group, will manage the financing.

The project is one of the largest water infrastructure initiatives in the UK. Construction is scheduled to begin in 2026 and will involve replacing six tunnel sections using advanced tunneling techniques. The program is expected to create up to 1,200 jobs at its peak. United Utilities, the owner and operator of the aqueduct, will oversee the project, with Strabag UK handling the design and construction of the new tunnels.

NatWest Group PLC (NYSE:NWG) is a British banking and financial services company. It provides retail banking, commercial banking, private banking, and wealth management services across the United Kingdom and internationally. The company operates through a network of branches and digital platforms.

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Disclosure: None. This article is originally published at Insider Monkey.