United Utilities, who own and operate the original aqueduct, announced the Equitix, and STRABAG Consortium as the preferred bidder in January this year, with main construction works on HARP – one of the largest water infrastructure projects undertaken in the Northwest - commencing in 2026. 

NWF’s credit enhancement guarantee has helped to mobilise private capital to the project, which will see six tunnel sections along the 110km route replaced, ensuring a resilient supply of water from the Lake District to millions of residents in Cumbria, Lancashire and Greater Manchester.  

The investment aligns with NWF’s mandate to deploy capital into projects which support the government’s growth mission, with water one of the designated infrastructure strategy sector areas within remit. HARP is critical to improve water infrastructure, helping to protect the supply of water for millions of people in the Northwest. It will create and support approximately 1,200 jobs in the local area at the peak of the construction period. It is also the first project to be delivered under the Direct Procurement for Customers (DPC) model, introduced to enable large water infrastructure projects to be delivered more competitively. 

Rachel Reeves, Chancellor of the Exchequer, said:

This £300 million guarantee from the National Wealth Fund will help secure clean water from the Lake District to millions of residents in Cumbria, Lancashire and Greater Manchester for generations to come. This shows why I created the National Wealth Fund – to deliver much needed improvements to infrastructure and results for families in the UK, whilst bringing investment and jobs to local communities – all part of transforming the country through our Plan for Change.

Ian Brown, Interim CEO, National Wealth Fund said:

Reliable water infrastructure helps underpin growth and opportunity, as well as being essential to health and wellbeing. That is why we are supporting Cascade Infrastructure with a credit enhancement guarantee for the HARP project which will safeguard a resilient supply of water for residents across the Northwest, as well as creating jobs in the local area. This is another example of the significant role the NWF can play in de-risking transactions, to enable the private sector to deploy the capital required to progress with critical infrastructure projects.

Simon Green, CEO at Cascade Infrastructure said:

Reaching financial close on the HARP project, marks the beginning of a transformative journey that will deliver vital infrastructure improvements throughout the North West and importantly, deliver infrastructure fit for the future. This achievement is the result of exceptional collaboration, commitment, and hard work from all our partners involved, combining deep expertise and a shared vision for long-term success. Beyond infrastructure, the project will create jobs, support skills development, and bring lasting economic and social value to the region. We’re proud to be part of this ambitious programme and excited to begin delivery - working together to build a resilient, sustainable future together.

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