The Tods Murray Capital Projects team, led by Partner Ian McPake, advised the private sector contractor Connect Roads Coventry Limited, a Balfour Beatty-owned SPV, on Coventry City Council’s PFI street lighting project, which reached financial close this week.

With the deal secured, Connect Roads will embark on a five year programme to renew and modernise a large part of the Council’s inventory of street lights, traffic bollards and signs, as well as routine maintenance. The project is also expected to deliver considerable energy saving over its 25 year life.

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The finance for the initial capital programme has been provided by a mixture of equity from Balfour Beatty and approximately £60million of senior debt from Barclays bank and Norddeutsche Landesbank.

Tods Murray has now advised Balfour Beatty on each of its four street lighting PFI projects to have reached financial close, hosting all the completion meetings at its Edinburgh offices. Tods Murray is also advising Balfour Beatty on a joint street lighting project for Cambridgeshire & Northamptonshire Councils, which is expected to reach financial close later this year.

The Tods Murray team comprised Ian McPake (lead), Tony Watson and Fraser Bennett (banking) and Clair Crawford and Sarah Channin (commercial).

The Council was advised by McClure Naismith (legal) and PWC (finance) and Atkins (technical). The senior lenders were advised by Eversheds (legal) and WSP (technical).

(GK)