The Coventry Street Lighting PFI Project achieved financial close on 3 August 2010. The 25-year concession project will involve the replacement of roughly 26,000 lighting columns, the installation of 6,000 new columns and replacement of 3,000 traffic signs during the five-year capital investment period and subsequent maintenance until 2036.
The new street lighting will deliver technical innovations such as a centrally-controlled dimming system to allow light levels to be reduced when streets are quiet which is expected to result in an approximately 40% reduction in energy consumption across the city’s stock.
The lenders to the project are Barclays and NordLB who each provided half of the £56m in senior debt for the project.
Operis provided financial model due diligence services on behalf of the lenders and Balfour Beatty Capital, who are part of the Connect Roads Coventry Limited, the consortium who were the winning bidders to undertake the contract.