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Second Party Opinion: Bazalgette Tunnel Limited (“Tideway”) (Methodology of Shades of Green, formerly part of CICERO)

This report was produced by Shades of Green. On December 1, 2022, S&P Global acquired Shades of Green from CICERO.

Bazalgette Tunnel Limited (“Tideway”) is a UK-based independent regulated infrastructure provider established in 2015. The company's purpose is to design, finance, construct, and commission the Thames Tideway Tunnel (TTT) in London, which is currently in its construction phase. All the net proceeds from the issuance of the Senior Secured Fixed-Rate Green Notes (hereafter referred to as “Green Notes”) will be spent on financing the construction of the TTT.