© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - Balfour Beatty Completes Acquisition of £352 Million Offshore Transmission Project in Wales
Posted 20th February 2015

Balfour Beatty Completes Acquisition of £352 Million Offshore Transmission Project in Wales

Balfour Beatty announces that it has reached financial close and completed the acquisition of the £352 million Gwynt y Môr offshore transmission project (OFTO) in the UK.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Balfour Beatty Completes Acquisition of £352 Million Offshore Transmission Project in Wales
Image

Balfour Beatty Completes Acquisition of £352 Million Offshore Transmission Project in Wales

Balfour Beatty, the international infrastructure group, announces today that it has reached financial close and completed the acquisition of the £352 million Gwynt y Môr offshore transmission project (OFTO) in the UK. 

Balfour Beatty will jointly own Gwynt y Môr OFTO with Equitix. Balfour Beatty will invest £28 million of equity, which represents 60% of equity required.

The Gwynt y Môr OFTO, previously operated by Gwynt y Môr Offshore Wind Farm Limited, is the high-voltage electricity transmission system connecting the 576MW offshore wind farm, in North Wales, to the onshore transmission grid. The wind farm will be capable of generating enough electricity for around 400,000 homes each year. The assets include three substations – two offshore and one onshore – and over 80 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.

To date, Balfour Beatty has achieved financial close on three OFTO projects and now has responsibility for OFTO transmission assets worth £833 million with a combined transmission capacity of 1380 MW. Financial close was achieved on the £317 million Greater Gabbard OFTO in November 2013 and the £164 million Thanet OFTO in December 2014.

Leo Quinn, Balfour Beatty Group Chief Executive, said: “The offshore transmission market has a future pipeline to 2020 of up to £10bn, which represents a sizable growth opportunity for our Investments business. Combining our investment and operational capabilities gives us a leading offering in this market and we have already used this to establish a strong early presence.”

Categories: Finance, M&A, Strategy


You Might Also Like
Read Full PostRead - Eye Icon
Six Benefits of A VPN
News
22/03/2023Six Benefits of A VPN

Whether you are running an online business or simply just a consumer trying to have the best experience on the internet possible, things are only sometimes plain sailing.

Read Full PostRead - Eye Icon
Taking Technology To The Next Level
News
22/04/2021Taking Technology To The Next Level

As technology has evolved over the years, so too have the ways in which that technology is used. More and more innovations are happening on a daily basis, and the world is moving at a faster pace than ever before towards greater implementation of technology. A

Read Full PostRead - Eye Icon
Answering All the Right Questions for Distribution Network Optimization
Innovation
12/05/2016Answering All the Right Questions for Distribution Network Optimization

In today’s rapidly changing distribution environment, it’s critical for businesses to look inside and outside the box, in order to optimize the entire network as well as warehouse labor and capacity.

Read Full PostRead - Eye Icon
Copper sees continued industry momentum in CRM market across small and medium businesses
Leadership
28/11/2019Copper sees continued industry momentum in CRM market across small and medium businesses

Copper, a Google Cloud-recommended CRM for G Suite, has announced continued industry momentum following a flurry of new customer wins across small and medium businesses, in a year where the brand also raised $15M in Series C funding and appointed new CEO Denni

Read Full PostRead - Eye Icon
Peace of Mind; Cloud is Key in Scaling Systems to Your Business Needs
Innovation
16/04/2024Peace of Mind; Cloud is Key in Scaling Systems to Your Business Needs

Meeting the demands of the modern-day SMB is one of the challenges facing many business leaders and IT operators today. Traditional, office-based infrastructure was fine up until the point where greater capacity was needed than those servers could deliver, ven

Read Full PostRead - Eye Icon
5 Strategies to Maximize Commercial Real Estate Revenue
News
01/07/20225 Strategies to Maximize Commercial Real Estate Revenue

Looking for ways to maximize your revenue if you work in commercial real estate is constant. You can do a lot to boost your income, but it's also possible to make mistakes that hurt your bottom line.

Read Full PostRead - Eye Icon
Is It the Best Time Ever to Switch Your Bank?
Finance
10/03/2015Is It the Best Time Ever to Switch Your Bank?

Competition within the UK current account market continues to be strong according to new analysis.

Read Full PostRead - Eye Icon
Staying Focused on the Customer
Leadership
31/08/2016Staying Focused on the Customer

Masumali Meghji Insurance Brokers Ltd is one of the largest independent insurance brokers in Mombasa County, and has been serving the community for 35 years. We cater for a wide variety of clients with different needs in the insurance industry, ranging from mu

Read Full PostRead - Eye Icon
4 Ways to Make Payment Collection Easier
Finance
13/12/20214 Ways to Make Payment Collection Easier

If you properly take control of your cash flow, there’s a greater chance you’ll take your business to new heights, regardless of your industry. However, effectively managing your cash flow isn’t always simple, and it’s even more difficult when you’re



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow