Welsh Water secures £250 million to boost green energy

Welsh Water has secured a loan of £250 million from the European Investment Bank (EIB) to support green energy projects.

The funds will contribute towards the company’s plans to invest £1.7 billion between 2015 and 2020 in developing more renewable energy sites.

“We are delighted to have secured this loan facility as it helps us deliver higher investment and lower bills for our customers,” said Peter Bridgewater, Welsh Water’s finance and commercial director.

To demonstrate how the funds will be used, Welsh Water invited representatives from the EIB to visit the Five Fords wastewater treatment works in Wrexham, which is due to be transformed into a £36 million energy park.

“Here in Wrexham, Welsh Water is showing the world how investment to improve wastewater treatment can harness renewable energy from diverse sources. Pioneering innovation such as this is crucial to cut emissions and ensure that companies can contribute to climate action. The European Investment Bank is pleased to have supported this and other transformational investment by Welsh Water,” said Jonathan Taylor, vice president of the European Investment Bank.

Welsh Water already generates 20 per cent of its own energy through renewable sources. The new investments aim to increase this to 30 per cent, which in turn will reduce its annual energy bill— currently over £44 million.

Welsh Water has benefited from loans of over £800 million from the European Investment Bank since the inception of Glas Cymru in 2001.