Balfour Beatty wins news contract
Balfour Beatty, the international infrastructure group, has been appointed as the preferred bidder for the £800m Essex Waste Partnership's Residual Waste Treatment contract.
Balfour Beatty, the international infrastructure group, has been appointed as the preferred bidder for the £800m Essex Waste Partnership's Residual Waste Treatment contract.
The project, a 30-70 joint venture between Balfour Beatty and Urbaser, is a 28-year public-private partnership contract to design, build and operate a new sustainable waste treatment facility for Essex County Council and Southend-on-Sea Borough Council.
Balfour Beatty will invest 30% of the required equity, approximately £7m, in the project which is expected to reach financial close in the first half of 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Balfour Beatty, in joint venture with Urbaser, will be involved in the design, construction and commissioning of the facility, which will then be handed over to Urbaser to operate from mid-2015 onwards.
The announcement comes just three weeks after Balfour Beatty and Urbaser were awarded Gloucestershire's 28-year Residual Waste Project.
Balfour Beatty Chief Executive, Ian Tyler, said: "Much like the Gloucestershire project, the Essex award demonstrates the breadth and flexibility of our investment business model and further strengthens our position in the growing waste sector.
"This project will play a major role in delivering Essex and Southend-on-Sea's waste management strategies, as well as providing a boost to the local economy through construction-related jobs and full-time employment and apprenticeship positions once the facility is operational."
The share price 3.06% to 272.7p by 14:10.
NR
-
Buying a property is cheaper than renting again – how much could you save?
News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
By Marc Shoffman Published
-
Is now a good time to invest in India?
Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
By Cris Sholto Heaton Published