Joint venture reaches financial close on Croydon and Lewisham street lighting scheme
Skanska and John Laing have reached financial close on a PFI street lighting scheme for the boroughs of Croydon and Lewisham. The 50/50 consortium was appointed preferred bidder in February.
As part of the deal Skanska and John Laing will each invest £4.5m with both firms receiving a construction contract worth £151m.
The consortium will take responsibility for the design, build, finance and operation of lighting columns and illuminated street furniture across the boroughs for a 25-year period.
During the first years, the team will replace approximately 38,000 street lights and 8,000 street signs and bollards. Work also includes the refurbishment of a further 4,000 street lights.
Bill Hocking, executive vice president of Skanska UK, said: “Today marks an important step in this project. We look forward to working with our partners, John Laing, and the Councils to deliver safer, energy efficient public lighting services for the people of Croydon and Lewisham.”
John Laing’s head of transport, Andy Pearson, added: “We are delighted to have achieved financial close on this important scheme and we look forward to working with the Councils and Skanska to ensure communities within the Boroughs of Croydon and Lewisham will have an efficient, ‘best in class’ and value for money street lighting service.”