The project connects the 300MW Thanet wind farm, off the east coast of Kent, South East England, to the onshore transmission grid.
Balfour Beatty’s Services division will continue to operate and maintain the assets, which include one offshore and one onshore substation as well as more than 50km of subsea cables, under a 20-year licence granted by the UK energy regulator Ofgem.
The wind farm features 100 Vestas V90 3MW turbines, which generate enough energy for about 200,000 households per year.
Balfour Beatty Utility Solutions will manage and coordinate operations and maintenance activities.
In December 2014, Vattenfall sold the Thanet offshore wind farm transmission infrastructure to Balfour Beattyn in a £164m deal.
Vattenfall installed the wind farm’s two cables in 2009 and the facility started exporting power to the National Grid in 2010.
Commenting on the latest sale, 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."
Balfour Beatty has co-invested with Equitix on several infrastructure projects, including the Greater Gabbard OFTO project in Suffolk and the Gwynt y Môr OFTO project in North Wales.
Image: The Thanet offshore transmission project connects the 300MW Thanet wind farm, off the east coast of Kent, South East England, to the onshore transmission grid. Photo: Courtesy of xedos4/FreeDigitalPhotos.net.
