Balfour Beatty purchases Kent offshore transmission project

• 9 years ago (2014-12-18)
• Junior Isles

Europe 1061 Renewables 752

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Balfour Beatty, the UK-based construction services company, has completed the acquisition of the £164 million ($257 million) Thanet offshore transmission project in Kent.

The project will see Balfour Beatty take over two substations and over 50 km of subsea cables, connecting the Thanet offshore wind farm to the onshore transmission grid.

Steve Marshall, Balfour Beatty's executive chairman, said: “For the investments business, the offshore transmission market is an important part of its strategy to diversify into new markets and achieving financial close on our second project is a great success.

"This project, and this market, is also an example of how Balfour Beatty Services can derive revenues from the investments business. Today's announcement supports our wider strategy of developing our delivery capability in the offshore renewables industry."

Balfour Beatty recently rejected a £1 billion ($1.5 billion) bid for its PPP portfolio, and success on the wider assets operation of the Thanet windfarm, as well as other secured contracts with the UK government in this area, signals its statement of intent in this area.