The National Wealth Fund (NWF) has announced a £300 million (US$403 million) Credit Enhancement Guarantee for Cascade Infrastructure Ltd – the Equitix, GLIL and STRABAG Consortium - which will design, build, finance and maintain the replacement of six tunnel sections of the Haweswater Aqueduct.

In January 2025, United Utilities, the owner and operator of the original aqueduct, named the Equitix and STRABAG consortium as the preferred bidder for HARP, with main construction scheduled to begin in 2026. The National Wealth Fund’s credit enhancement guarantee has facilitated the mobilization of private capital for the project, which involves replacing six tunnel sections along the 110 km aqueduct, securing a reliable water supply from the Lake District to millions of people in Cumbria, Lancashire, and Greater Manchester.

The investment supports NWF’s mandate to channel capital into projects that advance the government’s growth objectives, with water identified as a key sector within its infrastructure strategy. HARP plays a vital role in enhancing water infrastructure, safeguarding the supply for millions of residents in the Northwest. It is also the first project to be implemented under the Direct Procurement for Customers (DPC) model, designed to deliver large-scale water infrastructure projects more efficiently and competitively.

Chancellor Rachel Reeves emphasized that the £300 million guarantee will help secure clean water for millions of residents, showcasing the NWF's role in transforming the country through improved infrastructure and job creation.