Construction group sells 80% of its ownership of Thanet offshore asset for £40m

Wind turbines

Balfour Beatty has cashed in on 80% of its ownership of the Thanet offshore transmission project (OFTO) for £40m.

The construction group said the sale of the stake “validates” the valuation of its investments portfolio, the value of which the firm has revised upwards twice in just over half a year.

The Thanet OFTO is a high-voltage electricity transmission system connecting the 300 megawatt Thanet wind farm off the coast of Kent to the onshore transmmission grid.

The wind farm generates enough electricity for approximately 200,000 homes each year.

Balfour’s 80% stake in Thanet OFTO has been sold to investment funds managed by Equitix. Balfour retains a 20% stake in the project.

Leo Quinn, Balfour Beatty chief executive, 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.”