United Utilities has appointed EY to act as financial adviser on its £750 million Manchester and Pennines resilience scheme planned for AMP7.
United Utilities has appointed EY to act as financial adviser on its £750 million Manchester and Pennines resilience scheme planned for AMP7.
The water company has included the project - provisionally called Manchester and Pennines Resilience (MaPR) - as part of its PR19 business plan submission.
The scheme is intended to be delivered via Ofwat’s new direct procurement for customers (DPC) approach.
United Utilities said it needed the support of a financial adviser throughout the project to support and advise through to financial close out. The project will have a relatively long lead time until the anticipated financial close in summer 2022.
When United Utilities went out to tender it stipulated that potential bidders would need strong credentials in assisting clients to prepare businesses cases under this model within similar timescales. The water company was also looking for experience in UK infrastructure projects, particularly in advising on projects which have the UK Government and UK economic regulators as key stakeholders.
The initial contract term is expected to be 3 years, with the potential for a further extension beyond financial close for up to a further 2 years.
The contract, worth an estimated £2 million, has been awarded to Ernst and Young LLP, one of three companies in the bidding for the corporate finance and venture capital services contract.
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