Thames Water, weighed down by £14 billion of debt, is under pressure to fund its turnaround and had wanted shareholders to stump up an extra £1 billion.

Investors will provide £750 million, the company said in a statement on Monday, and they have indicated they will pump in £2.5 billion over the 2025 to 2030 regulatory period.

“This further funding is subject to satisfaction of certain conditions, including the preparation of a business plan that underpins a more focused turnaround that delivers targeted performance improvements for customers, the environment and other stakeholders,” it said of the initial investment.

Thames Water’s owners include Ontario Municipal Employees Retirement System, the UK’s Universities Superannuation Scheme and China Investment Corp.