Balfour Beatty completes acquisition of 164m offshore project in UKStaff writer ▼ | December 18, 2014
Balfour Beatty has reached financial close and completed the acquisition of the 164 million pounds Thanet offshore transmission project (OFTO) in the UK. Balfour Beatty will invest over 20 million pounds of equity.
Acquisition The international infrastructure group
The assets include one offshore and one onshore substation and over 50 kilometres of subsea cables. Balfour Beatty’s Services division is responsible for the assets’ operations and maintenance under a licence granted by Ofgem with a 20 year revenue stream.
To date, Balfour Beatty has achieved financial close on two OFTO projects. In November 2013, Balfour Beatty achieved financial close on the 317 million pounds Greater Gabbard OFTO in Suffolk, which has since delivered average availability close to 100%. The company also remains preferred bidder on the Gwynt y Môr OFTO in North Wales, which is expected to close in Q1 2015.
Steve Marshall, Executive Chairman, said: “For the Investments business, the offshore transmission market is an important part of its strategy to diversify into new markets and achieving financial close on our second project is a great success. ■