The £36 million PFI street lighting concession for Derby City Council reached financial close today.
The 25-year contract will see Balfour Beatty take responsibility for all street lighting and highway signage services in Derby. Balfour Beatty Power Networks, the group’s power and cabling specialist, will carry out the work.
The project involves the replacement of 20,100 lighting columns and 3,200 illuminated signs during the five-year capital investment period. Within this time Balfour Beatty will also undertake the on-going maintenance work, which includes a total of 27,600 columns and 3,200 signs and bollards. Dexia was the sole arranger for this project.
Operis provided financial model due diligence on behalf of Balfour Beatty and the funders.