Balfour Beatty, the international infrastructure group, has announced the sale of its 33.3% interest in the Greater Gabbard Offshore Transmission (OFTO) project for a consideration of £25.5 million (US$38.7 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.
Greater Gabbard OFTO is the high-voltage electricity transmission system connecting the 504 MW Greater Gabbard offshore wind farm, which is composed of 140 turbines, to the shore. The revenue entitlement under the licence runs for a 20 year period from November 2013.
The project was the first OFTO to be founded through capital markets, using the Project Bond Credit Enhancement initiative, a product form the European Investment Bank (EIB).