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Balfour Beatty and Equitix Consortium has Completed the Acquisition of a £352 million Offshore Transmission Project in Wales, UK

18 Feb 2015

Equitix, the infrastructure developer and investment manager, alongside Balfour Beatty, the international infrastructure group, have today announced that they have reached financial close and completed the acquisition of the £352 million Gwynt Y Mor offshore transmission project (OFTO) in the UK. Gwynt Y Mor is the second OFTO Equitix invested in, following the close of the £317 million Greater Gabbard OFTO in November 2013.

The Gwynt Y Mor OFTO, previously operated by Gwynt Y Mor Offshore Wind Farm Limited, is the high-voltage electricity transmission system connecting the 576MW offshore wind farm, in North Wales, to the onshore transmission grid. The assets include two offshore and one onshore substation and over 80 kilometres of subsea cables. Operations and maintenance is being undertaken by Balfour Beatty’s Services division under a licence granted by Ofgem.   

Hugh Crossley, Equitix’s Chief Investment Officer, said: “Equitix’s commitment to the offshore transmission market is testament to investor appetite for long term, availability based UK infrastructure.  Working in partnership with Balfour Beatty and Ofgem to provide these facilities is critical to the development of the Government’s national programme to deliver renewable sources of energy and Equitix are wholly dedicated to supporting this.”

About Equitix:

Equitix was established in 2007 and is based in London. Equitix is an integrated core infrastructure asset management and primary project platform and typically invests in UK infrastructure projects with long-term revenue streams across the healthcare, education, social housing, highways and street lighting, offshore transmissions and renewable and waste sectors. Tetragon (TFG) owns 85% of the business; over time, TFG’s holding is expected to decline to approximately 74.8%. Management own the balance. Equitix Investment Management Limited is authorised and regulated by the UK Financial Conduct Authority.

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or jurisdiction.