Balfour Beatty has raised £40M by selling the majority of its stake in a set of assets used to connect an offshore wind farm with the mainland.
The construction giant sold 80% of its interest in the Thanet offshore transmission project off the coast of Kent to fund manager Equitix.
The scheme includes one offshore and one onshore substation as well as more than 50km of subsea cables. The wind farm generates enough electricity to supply 200,000 homes each year.
Chief executive Leo Quinn said: “This disposal validates the directors’ valuation of the investments portfolio, which was updated last month, and clearly demonstrates the Investment business’s ongoing ability to deliver significant value for the group.
“The offshore transmission sector remains a key market, which is why we have retained 20% ownership in Thanet, and we look forward to working with our partner, Equitix, to ensure the long term success of this project.”
Balfour Beatty’s finances have deteriorated over the last 12 months, and it recently announced a £70M dent in its construction profits.