Balfour Beatty has announced that it has reached financial close and completed the acquisition of the GBP 164 million Thanet offshore transmission project (OFTO) in the UK.
Balfour Beatty will invest over GBP 20 million of equity. The Thanet OFTO, previously operated by Vattenfall, is the high-voltage electricity transmission system connecting the 300MW Thanet Wind Farm, off the coast of Kent, to the onshore transmission grid. The assets include one offshore and one onshore substation and over 50 kilometres of subsea cables. Balfour Beatty’s Services division is responsible for the assets’ operations and maintenance under a licence granted by Ofgem with a 20 year revenue stream.
