Balfour Beatty reaches financial close on £203 million Cambridgeshire street lighting PPP contract
06 May 2011
Balfour Beatty, the international infrastructure group, announces today that it has reached financial close on the £203 million PPP street lighting contract for Cambridgeshire County Council.
The 25-year concession will involve the design and installation of 50,000 street lights and 6,000 signs and bollards during the five-year capital investment period, and the ongoing maintenance of all existing and new equipment.
Balfour Beatty will invest equity of approximately £5 million into the concession.
Commenting on the contract award today, Balfour Beatty Chief Executive, Ian Tyler, said:
"We are delighted to have reached financial close for this contract. We look forward to a long-term partnership with Cambridgeshire County Council to transform the County’s street lighting.”
This is Balfour Beatty’s fifth PPP street lighting concession, with existing projects in Sunderland, South Tyneside, Derby and Coventry proceeding successfully.
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Notes to Editors:
Balfour Beatty also has a significant portfolio of non-PPP street lighting maintenance contracts with Wokingham Borough Council, Bracknell Forest Council, Somerset County Council and Wiltshire County Council as well as responsibility for street lighting maintenance within its North Yorkshire County Council and Westminster City Council highways maintenance contracts
Balfour Beatty has a substantial infrastructure investments business.
In the UK, Balfour Beatty operates a portfolio of PPP concessions and also has interests in non-PPP assets. This portfolio consists of:
- Nine major hospitals
- Fourteen major schools schemes in the UK and a technical education centre in Singapore
- Six roads schemes and five street lighting projects (including Cambridgeshire)
- North West Fire and Rescue, a fire stations upgrade scheme
- The London Underground power system
- A coastal defence pathfinder PPP
- Thanet offshore high-voltage transmission scheme (at preferred bidder stage)
- Barking Power Station (non-PPP)
- Exeter International Airport (non-PPP)
- Blackpool International Airport (non-PPP)
In the US, this portfolio consists of:
- 17 US military housing projects for the Army, Navy and Air Force, on or near bases located in 20 states
- Florida Atlantic University student accommodation
Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group operating 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.