Balfour Beatty has sold 33.3% of its interest in the Greater Gabbard Offshore Transmission (OFTO) project for a consideration of £25.5 million.
The investment is being acquired by funds managed by Equitix, an investor and fund manager of core infrastructure assets. The consideration is to be paid in cash in full on completion of the transaction and will be retained within the Group, Balfour Beatty said.
Balfour Beatty acquired the high voltage transmission link for the 504MW Greater Gabbard offshore wind farm in early 2014. The Greater Gabbard OFTO acquisition is Balfour Beatty’s first offshore transmission investment as part of Ofgem’s tender scheme.
The 132kV transmission system includes one onshore and two offshore substations and over 150km of subsea cable.