16th Feb 2015 07:32
LONDON (Alliance News) - Balfour Beatty PLC on Monday said it has struck a deal to sell an 80% stake in the Thanet offshore transmission project for GBP40 million to funds managed by Equitix.
Equitix and Balfour are co-investors in a number of infrastructure projects, including the Greater Gabbard offshore transmission project, the company said. Balfour is retaining the remaining 20% stake in the project.
It said the GBP40 million purchase price for the stake in the Thanet project is consistent with its most recent valuation of the asset. The Thanet offshore project is the electricity transmission system which connects to the 300 megawatt Thanet Wind Farm, offshore the coast of Kent.
"This disposal validates the directors' valuation of the investments portfolio, which was updated last month, and clearly demonstrates the Investment business's ongoing ability to deliver significant value for the group," said Balfour Chief Executive Leo Quinn.
By Sam Unsted; [email protected]; @SamUAtAlliance
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