Balfour Beatty has completed the sale of 80% stake in the Thanet offshore transmission project (Thanet OFTO) to Equitix, a fund manager of core infrastructure assets, for £40m.

Thanet OFTO is the high-voltage electricity transmission system designed to connect the 300MW Thanet wind farm, off the coast of Kent, to the onshore transmission grid.

Assets comprises one offshore and one onshore substation as well as over 50km of subsea cables, which are operated and maintained by Balfour Beatty’s Services division under a 20 year license.

The Thanet wind farm can generate electricity required to power approximately 200,000 homes annually.

Balfour Beatty Group 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 OFTO 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."