BIRMINGHAM (dpa-AFX) - Water and wastewater services provider Severn Trent PLC (SVT.L) Friday announced its plan to invest about 12.9 billion pounds across the next five-year regulatory period.
This includes 5 billion pounds to enhance capacity and service, in a sustainable way. The company plans to spend 2,400 pounds on each of more than 4 million customers across the Midlands.
This plan is expected to create 7,000 jobs.
'This will push the sector forward on the measures that our customers care about most, including a 16% reduction in leakage and a 30% reduction in spills from storm overflows, putting us firmly on track to deliver the Government's 2050 targets at least five years early,' the company said.
Further, the company intends to to raise 1 billion pounds. This includes a non-pre-emptive placing to institutional investors by the issue of new ordinary shares to raise approximately 500 million pounds and an investment from Qatar Investment Authority (QIA) of 500 million pounds, pursuant to which QIA has committed to subscribe for new ordinary shares.
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