Contractor鈥檚 investment arm reaches financial close on Suffolk wind farm cables
Balfour Beatty鈥檚 investment arm has reached financial close on a 拢317m offshore transmission project to connect Greater Gabbard offshore wind farm near Suffolk to the National Grid.
Balfour Beatty Investments will own one third of the asset, with investors Equitix and AMP Capital owning the other two thirds.
The firm will be responsible for the operation and maintenance of the asset under a long-term Ofgem licence, with a 20-year revenue entitlement.
The Greater Gabbard transmission system will connect the 540MW wind farm to the grid, generating enough power for 500,000 homes a year.
Balfour Beatty Investments is also preferred bidder on two other offshore transmission systems tendered by Ofgem and shortlisted for a third.
Future opportunities under Ofgem鈥檚 offshore transmission owner regime total capital value of up to 拢8bn through to 2020, Balfour Beatty said.
Balfour Beatty chief executive Andrew McNaughton, said: 鈥淩eaching close on Greater Gabbard reinforces Balfour Beatty鈥檚 leading position in the growing and potentially very large offshore transmission markets.
鈥淚t is also a significant step in the development of our investment business in non-PPP infrastructure markets, as well as our wider strategy of developing our delivery capability in the offshore renewables industry.鈥�
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