Balfour Beatty, the international infrastructure group, notes that Balfour Beatty Infrastructure Partners LP (BBIP), has reached agreement to acquire Upper Peninsula Power Company (UPPCO) based in Michigan. This represents the first North American investment for the BBIP Fund.
As previously announced, Balfour Beatty’s commitment to BBIP is US$110 million (£67 million). Drawdowns of this commitment will be dependent on the timing of investments by the fund, but it is anticipated that BBIP will be investing its commitments over the next 2-3 years.
BBIP will make investments into its key target sectors of transport, energy and utilities across the UK, Europe, and North America.
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This document contains forward-looking statements which have been made in good faith based on the information available at the time of its approval. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of risks and uncertainties that are inherent in any forward-looking statement which could cause actual results to differ materially from those currently anticipated.
Notes to editors:
Balfour Beatty (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.
Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK, the US, Southeast Asia and the Middle East. We continue to develop our business in key growth markets in South Africa, Australia, Canada, Brazil and India.
With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors include transportation (roads, rail and aviation), power and energy, mining, water and social infrastructure such as hospitals and schools.
Balfour Beatty employs around 40,000 people worldwide