London-based infrastructure developer Balfour Beatty has reached financial close on a £230 million (€277.5 million; $363.4 million) street lighting contract for Coventry City Council, the firm said in a statement.
The public-private partnership (PPP) project will involve the designing, installation and maintenance of 33,000 street lights and 6,000 signs and bollards for a period of 25 years, with a five-year capital investment period.
Balfour Beatty said in its release that it will invest approximately £6 million of equity into the concession.
The company could not be reached for comment before press time.
This is Balfour Beatty’s fourth PPP street lighting concession, with existing projects in Sunderland, South Tyneside and Derby proceeding successfully.
Balfour Beatty is a London-based construction, engineering, military housing, rail and investment services company. It is a constituent of the FTSE 250 Index and has projects in the UK, the US, South-East Asia, Australia and the Middle East.