The company is looking to raise £1 billion to help support a transformation plan which could lead to a major employment boost for the region.
It said £0.7 billion would be spent in securing new water resources, adding over 200 million litres of water per day and helping to protect customers supplies. "At the heart of this ambition is a commitment to a sustainable future - from healthier rivers, to providing thousands of jobs, fewer leaks and a water supply ready for the impacts of climate change and population growth.
The water supplier has launched a pre-emptive equity placing to start raising funds and stressed that the firm is “maintaining financial resilience”. It said £0.7 billion would be spent in securing new water resources, adding over 200 million litres of water per day and helping to protect customers supplies.