UK infrastructure group Balfour Beatty has been named preferred bidder on a £250 million (€276 million; $375 million) public-private partnership contract to refurbish Coventry’s street lighting network.
The 25-year contract will require Balfour Beatty to design, install and maintain some 33,000 street lights and 6,000 signs and boards in Coventry, in the UK’s West Midlands region, as well as maintain the city’s existing equipment. The installation period will last for five years with Balfour Beatty set to contribute just over £6 million in equity for the project, the company said in a statement.
Coventry is Balfour Beatty’s fourth street lighting contract in the UK, where it already manages street lighting projects in Sunderland, South Tyneside and Derby.
Balfour Beatty’s PPP portfolio is comprised mostly of projects that form part of the UK’s private finance initiative, the government’s standardised procurement scheme with private sector participation. These include several hospitals, schools, roads, wastewater contracts and a coastal defence pathfinder.
The company also has an important contract with the US Departments of the Army, Navy and Air Force to manage the privatisation of military housing across 20 states. Last November, Balfour Beatty set up an office in Toronto to focus on PPPs in higher education.