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Wales & West Utilities has signed a £125m sustainability linked committed credit facility with four relationship banks, the first sustainability linked revolving credit facility in the gas distribution sector.
This transaction replaces an existing £125m facility with the same banks. The ESG linking means that the new facility will have contractually embedded performance criteria against the specific key performance indicators (KPIs).
The new facility will support the delivery of Wales & West Utilities’ 2021-2026 business plan by contributing to liquidity resources during this period of significant investment. The company’s most ambitious plan ever, it will see the company invest £400m to deliver a Net Zero-ready gas network by 2035, while looking after the most vulnerable people in communities across Wales and south west England.