Balfour Beatty, the international developer based in the UK, has reached financial close on a £203 million (€233 million; $331 million) street lighting public-private partnership (PPP) contract with Cambridgeshire County Council.
The 25-year concession will see the design and installation of 50,000 street lights and 6,000 signs and bollards during a five-year capital investment period, plus the ongoing maintenance of all existing and new equipment.
Balfour Beatty will invest approximately £5 million of equity into the concession.
The deal is the fifth street lighting PPP signed by Balfour Beatty in the UK. Last August, it reached financial close on a £230 million contract with Coventry City Council. Its three other street lighting PPP contracts are in Sunderland, South Tyneside and Derby.
In addition to these PPP contracts, Balfour Beatty also has four non-PPP street lighting maintenance contracts and two other agreements giving it reponsibility for street lighting within the context of highway maintenance contracts.