Balfour Beatty, the international infrastructure group, announces the sale of its 33.3% interest in the Greater Gabbard Offshore Transmission (OFTO) project for a consideration of £25.5 million. The proceeds from the transaction are consistent with the Directors’ valuation.
The investment is being acquired by funds managed by Equitix, a market leading investor and fund manager of core infrastructure assets. The consideration is to be paid in cash in full on completion of the transaction and will be retained within the Group.
ENDS
Analyst/investor enquiries:
Peter Young
Tel. +44 (0)20 7216 6824
Peter.H.Young@balfourbeatty.com
Media enquiries:
Louise McCulloch
Tel. +44 (0)20 7216 6846
Louise.McCulloch@balfourbeatty.com
Notes to editors
1. Description of the project:
Greater Gabbard OFTO is the high-voltage electricity transmission system connecting the 504MW Greater Gabbard offshore wind farm to the shore. The revenue entitlement under the licence runs for a 20 year period from November 2013.
2. Summary financial information relating to the project as included in the Group’s accounts for the year ended 31 December 2014:
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Greater Gabbard OFTO |
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Investment in Joint Ventures & Associates |
£22 million |
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Profit Before Tax |
£3 million |
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3. Balfour Beatty is a leading international infrastructure group. With 36,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth.
We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings. Our main geographies are the UK, US, Middle East and South East Asia. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the world’s biggest shopping mall in Dubai, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
