Balfour Beatty has announced that it has reached financial close for the £162.9M Humber Gateway offshore transmission project (OFTO).
Balfour said it will invest £12.5M of the required equity of £21M. It is in a funding consortium with Equitix.
The high-voltage electricity transmission link will connect a 73-turbine, 219MW E.ON North Sea offshore wind farm to the onshore transmission grid. The project includes an offshore and onshore substation, 18km of subsea cable and 30km of land cable.
The Balfour Beatty Equitix Consortium will own and operate the offshore transmission link in a 20 year deal.
Balfour Beatty Investments chief executive 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.”