Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has invested £50 million ($60 million) in Portsmouth Water to help fund the construction of the first major new water storage reservoir in the United Kingdom since the 1980s.
Portsmouth Water, a portfolio company of Ancala Partners, is the independent infrastructure investment manager charged with delivering the Havant Thicket Reservoir. In February, the company awarded a £167 million ($202 million) contract to Future Water MJJV to build the flagship Havant Thicket Reservoir and a £41 million ($50 million) contract to Ward & Burke Construction for a tunneled pipeline in the water-stressed region of southern Hampshire.
The reservoir is intended to address the significant water resource challenge faced by much of the South East of England and protect Hampshire’s rare chalk streams. Portsmouth Water is in a position to offer assistance because of the large number of natura