Norton Rose Fulbright has advised The Water Services Regulation Authority (Ofwat) on the award of the project licence to Bazalgette Tunnel Limited (Bazalgette) to build, own, finance and maintain the landmark £4.2bn Thames Tideway project.

Bazalgette is a consortium of investors comprising Allianz, Dalmore Capital Limited, DIF, and Amber Infrastructure Group. Following a competitive tender process, Bazalgette was announced as the infrastructure provider for the project on July 14, 2015.

Peter Hall, partner, Norton Rose Fulbright comments:

“Having worked closely with Ofwat since 2009 on the structuring, development and procurement of this significant project and the legal framework that supports it, we are delighted to see this final piece of the jigsaw fall successfully into place.

“Using a hybrid legislative and contractual structure we were able to create an innovative financing model for this unique and nationally significant project.”

Norton Rose Fulbright fielded a team of over twenty lawyers, led by head of water services, Peter Hall, that included partners David Sinclair (real estate), Peter Scott (competition), Hamish Anderson (special administration) and Caroline May (environmental) along with Tom Lindley, Suncica Miletic, Joosje Hamilton, Emma Walshe, Katie Liszka, Brendan Ryan and Kate Kimpton.

At 25 kilometres in length and over 7 metres in diameter, the Thames Tideway Tunnel is the largest sewer improvement project to be conducted in the UK for over a century.