Rand Water's capital plan for 2026–2030 totals R41.1 billion and peaks at R12,164 million in 2029. In FY 2025 the utility spent R1.98 billion on capital works. Planned spending starts at R3,678 million in 2026, so the 2029 figure is more than six times what Rand Water spent in FY 2025.
Where the money goes
Augmentation and renewals together account for R26,610 million over the five years. A further R12,759 million sits with Rand Water's Strategic Goal Delivery Unit for energy self-reliance, alternative water, diversified income and financial health. Movable, IT and OT assets take R1,744 million. Pipelines made up 47% of FY 2025 capital spending.
The delivery test
Rand Water spent 130% of its FY 2025 capital budget, but only 57% of projects met their completion dates, against a 95% target. Project capitalisation was also 57%. Earlier plan figures were R35 billion (September 2023) and just over R27 billion (March 2025), with different scopes.
Funding is not the constraint
Debt to equity was 0.07 in FY 2025, and R6,852 million of headroom remained in its R10 billion note programme at 30 June 2025. S&P raised its foreign currency rating to BB on 24 November 2025, with a positive outlook. Collections are weaker: debtor days reached 125 against a 70-day target.
Which supplier categories the plan favours, how Rand Water buys, who already holds major work and what to watch in 2027 are set out in the brief. The full report, Rand Water: Utility Account Brief, is available for USD 499. For a free overview, read the Rand Water Utility Snapshot.