Balfour Beatty Plc (BBY.L) said it has reached financial close for the £450 million Blackburn with Darwen and Bolton Councils Building Schools for the Future programme.
The project involves the delivery of a major capital investment programme over a number of phases comprising the extensive building, remodelling and operation of nine schools in Blackburn with Darwen by 2015 and the building, remodelling and operation of 15 schools, two special educational needs schools and seven pupil referral units in Bolton.
Balfour Beatty will invest equity of £2.6 million into the 25-year PPP concession for the delivery of the first school, Pleckgate High School, with the potential for a total of up to £20 million equity investment in the programme as a whole. Construction work on Pleckgate High School is due to commence imminently.
Balfour Beatty will also invest in the education and skills base of the local area having launched the Balfour Beatty Education Apprenticeship on this scheme. The project will offer over 25,650 apprenticeship weeks to local residents and employers, in addition to mentoring and work placements, ensuring a lasting skills legacy for the local area.
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