5th Apr 2007 07:01
Balfour Beatty PLC05 April 2007 5 April 2007 BALFOUR BEATTY REACHES FINANCIAL CLOSE FOR £36 MILLION DERBY CITY PFI STREET LIGHTING CONTRACT ======================================================= Balfour Beatty, the international engineering, construction, services andinvestment group, announces today that Connect Roads, its specialist PFI roadand street lighting arm, has reached financial close on the £36 million PFIstreet lighting concession for Derby City Council. The contract is for a 25-year term. Under the contract, Balfour Beatty will takeresponsibility for all street lighting and highway signage services. BalfourBeatty Power Networks, the Group's power and cabling specialist, will carry outthe work. The project will involve the replacement of 20,100 lighting columns and 3,200illuminated signs during the five-year capital investment period and also theon-going maintenance of a total stock of 27,600 columns and 3,200 signs andbollards. Commenting on the award today, Ian Tyler, Balfour Beatty Chief Executive, said: "Balfour Beatty already has a strong permanent presence in Derby and we arethoroughly familiar with the locality. We look forward to working with DerbyCity Council on a programme which will help improve road safety, reduce crimeand enhance the local environment." This is Balfour Beatty's third street lighting concession, with existingprojects in Sunderland and South Tyneside already proceeding successfully. ENDS Enquiries to: Tim SharpTel: 020 7216 6884www.balfourbeatty.com Notes to Editors---------------- 1. Connect Roads, a 100%-owned business within Balfour Beatty Capital, the Group's asset investment and operations business, has four road concessions. These are the A30/A35 in Devon and Dorset, the A50 in Derbyshire, the M1/A1 Link in Yorkshire and the M77 in Scotland. 2. Connect has existing street lighting contracts in Sunderland (value £100 million, commenced 2003) and South Tyneside (value £63 million, commenced 2005). 3. Balfour Beatty Capital is a UK leader in infrastructure investment and operations. It has 23 projects in which it has over £340 million of committed equity. 4. In January 2007, Balfour Beatty's specialist vehicle, Regional and City Airports, acquired Exeter International Airport for £60 million. 5. Balfour Beatty is a world-class engineering, construction, services and investment business, well positioned in infrastructure markets which offer significant long-term growth. We work in partnership with sophisticated customers who value the highest levels of quality, safety and technical expertise. Our skills are applied in appropriate combinations to meet individual customer need. Its financial position, with significant net cash and with strong operating cash flows, offers continuing flexibility to add additional capacity and expertise to the business mix and to make appropriate investments in PPP and other long-term growth opportunities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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