Vitens, the largest water utility in the Netherlands, will modernise its water network using a €150 million ($177.6 million) loan secured from the European Investment Bank.
Vitens will future-proof its drinking water distribution network and increase water reserves over the next 10 years.
The utility will fund parts of its 2020-2024 investment programme, covering the renewal and upgrading of water treatment plants and pumping stations, as well as water meters.
Increasing the water reserves will act as a buffer to extreme weather events. The projects will also help Vitens to accommodate demographic and economic growth.
Vitens will ensure continued compliance with EU water directives and will leverage the loan to ensure reliable and affordable drinking water supply in its service area.
The head of the EIB’s Amsterdam office, Els Sweeney-Bindels, said: “This kind of investment shows the added value that European Institutions can bring to The Netherlands.
“Hardly anyone is aware of the major investments that are needed for the upkeep of such high-quality water distribution networks as we know them in The Netherlands. The EIB is glad it can provide the financing for this and continue the longstanding partnership with Vitens.”
Marike Bonhof, the CFO of Vitens N.V, adds: “Increasing investments are necessary to ensure 24/7 drinking water.
“Not only in the short run but also for future generations. We are happy with the long-term relationship with the EIB. Our purposes have a lot in common.”