Balfour Beatty, the UK-based international infrastructure group, has announced an £80 million (€95 million; $127 million) financial close for the Hertfordshire Schools public-private partnership (PPP).
The developer had been appointed preferred bidder to the scheme in August last year.
Hertfordshire Schools 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 one school catering for special educational needs.
The schools are located in the town of Stevenage in Hertfordshire, an English county which is to the north of London and has a border with the capital city.
The two mainstream schools will be co-located onto a single site. Balfour Beatty is investing £4.5 million of equity into the 25-year concession to build and maintain the two schools. The firm will also be responsible for design and build of the special educational needs school, as well as its maintenance for a period of 10 years.
In December last year Balfour Beatty closed on two UK school projects – in Ealing in West London and Oldham in north-west England – worth a combined £106 million. It invested an aggregate of more than £6 million into these two projects.