Skanska as a feature of its 50/50 syndicate with John Laing has secured the re-new and upgrade Street Lighting contract of Croydon and Lewisham after reaching financial close.
The contract that requires an investment of GBP 4.5 M (SEK 46 M) is valued around GBP 74 M (SEK 760 M). The contract will be performed as a public private partnership (PPP). The current project is the second street lighting project performed under the British Private Finance Initiative (PFI) program by the syndicate after the Surrey Street Lighting Project financial closed in 2009.
The Skanska-Laing syndicate will invest, design, construct and manage the street lighting columns and the lit street furniture for 25 years from August 2011. Skanska will receive the building contract valued at GBP 74 M included in the SkanskaUKorder bookings and additionally GBP 2 M every year to control and preserve the street lightings during the period of the project.
In the next five years, the syndicate will replace around 38,000 street lights and around 8,000 street signs and posts. It will also renovate around 4,000 street lights.
Source: http://www.skanska.com/