Balfour Beatty, the international infrastructure group, announces today that it has reached financial close on the £230 million PPP street lighting contract for Coventry City Council.
The 25-year concession will involve the design, installation and maintenance of 33,000 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 £6 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 Coventry City Council to transform the City’s street lighting."
This is Balfour Beatty’s fourth PPP street lighting concession, with existing projects in Sunderland, South Tyneside and Derby proceeding successfully.
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