SHARES in infrastructure group Balfour Beatty went up by 1.02 per cent yesterday after the group announced it is set to make $40m (£26m) from the disposal of an 80 per cent interest in the Thanet offshore transmission project (OFTO).
The project, which connects the Thanet Wind Farm, off the coast of Kent, to the onshore transmission grid is being sold to funds managed by Equitix, which has interests in several infrastructure assets.
According to the group, the proceeds of the sale are consistent with the most recent directors’ valuation. Leo Quinn, Balfour’s chief executive, said the disposal “clearly demonstrates the investment business’ ongoing ability to deliver significant value for the group”.
He added: “The OFTO sector remains a key market, which is why we have retained 20 per cent ownership in Thanet.”