Balfour Beatty team secures financing for offshore power transmission project

WCN Editorial Team 9 Sep 2016 EUROPE ENERGY & UTILITIES

A consortium of Balfour Beatty and Equitix has achieved financial closure for the £162.9M Humber Gateway offshore transmission project (OFTO), located off the coast of Yorkshire, UK.

Balfour Beatty will invest £12.5M of the total required equity of £21M.

The transmission line connects E.ON’s 219MW offshore wind farm in the North Sea, 8km off the east Yorkshire coast, to the onshore transmission grid.

The wind farm includes 73 turbines, which are capable of generating enough electricity for about 170,000 homes annually.

According to Balfour Beatty, its power transmission and distribution unit will operate and maintain the OFTO’s assets, including one offshore and one onshore substation and two cable circuits consisting of 18km of subsea and 30km of land cable.

Balfour Beatty Investments CEO Ian Rylatt said: “This is our fourth OFTO contract to reach financial close and further establishes our position in the offshore transmission market.

“Our technical expertise ensures we can efficiently and effectively, support the government’s targets to meet more of the UK’s energy needs through renewable sources.”

The consortium will own and operate the offshore transmission line for the next 20 years.

* Data provided by Timetric's Construction Intelligence Center.

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