Balfour Beatty reaches financial close for £80 million Hertfordshire Schools PPP scheme
17 January 2011
Balfour Beatty, the international infrastructure group, announces today that it has reached financial close for the £80 million Hertfordshire Schools scheme.
The Hertfordshire Schools scheme involves the delivery of a capital investment programme in partnership with Hertfordshire County Council for the design, construction and provision of facilities management for two mainstream secondary schools and a special educational needs school.
Commenting today Balfour Beatty Chief Executive, Ian Tyler, said:
“We look forward to working in close partnership with Hertfordshire County Council to deliver these three schools in Stevenage. We are committed to delivering excellent design and value for the schools and the local community.”
Balfour Beatty Education was appointed as preferred bidder for the scheme in August 2010.
Two of the schools will be co-located onto a single site and funded through a PPP route. Balfour Beatty will invest equity of £4.5 million into the 25-year concession to build and maintain these two schools. The company will also be responsible for the design and build of the third school, as well as its maintenance for 10 years.
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Notes to Editors:
Balfour Beatty has 14 PPP concessions in the UK education sector: Hertfordshire, Oldham, Ealing, Derby City, Blackburn with Darwen and Bolton, Newcastle, Southwark, Islington, Knowsley, Stoke, Bassetlaw, Rotherham, Birmingham and North Lanarkshire.
These programmes involve the construction of over 100 new schools and learning centres and upgrading and maintaining well over 100 others. Balfour Beatty has approximately £80 million of committed equity in the sector.
Balfour Beatty companies are construction partners in a number of other PPP schools schemes including the BSF schemes in Hackney, Haringey and Greenwich with a total contract value of over £320 million and are framework contractors providing construction services to the £95 million scheme in Hartlepool, the £91 million scheme for North Lanarkshire Council, the £180 million scheme for Manchester City Council and the £100 million scheme in Liverpool.
- Balfour Beatty has a substantial infrastructure investments portfolio. This portfolio consists of:
- Nine major hospitals
- 14 schools schemes in the UK, and a technical education centre in Singapore
- Seven roads schemes (including the N17/N18 Gort to Tuam roads scheme in Ireland (at preferred bidder) and four street lighting projects
- The London Underground power system
- A coastal defence pathfinder PPP
- Thanet offshore transmission network (at preferred bidder)
- North West Fire and Rescue, fire stations upgrade (preferred bidder)
- Barking Power Station (non-PPP)
- Exeter International Airport (non-PPP)
- Blackpool International Airport (non-PPP)
- 17 US military housing projects for the Army, Navy and Air Force, on or near bases located in 20 states and Washington, DC
- Florida Atlantic University student accommodation
Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group with capabilities in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail).
The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction, and facilities management services.
Balfour Beatty employs 50,000 people around the world