Contractor will invest £5.1m in three schools and a college

Contractor Skanska has reached financial close on the £100m Building Schools for the Future programme in Essex.

The deal, which was signed this week with Essex council and joint venture partner RM plc, will involve Skanska investing £5.1m in three PFI schools and a college for 5,000 pupils. It will be paid £71m for the construction of the buildings and £1.34m per year for 25 years for facilities management.

The first school is scheduled for completion in September 2011. Under Essex's plans, the partnership may be expanded to cover further schools at a later date.

Steve Cooper, development director, education, for Skanska said: “We are very pleased to have reached financial close, and now look forward to focusing on the delivery of the first phase of these exciting new schools.”