The Thanet OFTO is the high-voltage electricity transmission system designed to connect the 300MW Thanet wind farm located off the coast of Kent, to the onshore transmission grid, generating enough electricity for around 200,000 homes each year.
The OFTO assets comprise one offshore and one onshore substation and over 50km of subsea cables.
Balfour Beatty’s Services division will be responsible for operations and maintenance of the assets, under a license granted by Ofgem with a 20 year revenue stream.
Balfour Beatty executive chairman Steve Marshall said: "For the Investments business, the offshore transmission market is an important part of its strategy to diversify into new markets and achieving financial close on our second project is a great success.
"This project, and this market, is also an example of how Balfour Beatty Services can derive revenues from the Investments business. Today’s announcement supports our wider strategy of developing our delivery capability in the offshore renewables industry."
