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Our Portfolio


Highways & Street Lighting Portfolio

Project Client Project Capex (£m) Financial Close
M25 Highways England 167 January 2017

In January 2017, Equitix acquired a 30-year project for the design, build, finance and operation of the M25 orbital motorway network. The contract was awarded by the Highways Agency (now Highways England) in May 2009 to Connect Plus (M25) Limited, a Special Purpose Vehicle comprised of Skanska (40%), Balfour Beatty (40%), Egis (10%) and Atkins (10%).

As part of a consortium Equitix acquired complete stakes from Skanska and Atkins giving Equitix 25% effective control in the SPV with the largest investor group.

The concession ends in May 2039 and it carries with it an obligation to hand back the asset in the same condition or better than when it was acquired.

Connect Plus is responsible for the operation, maintenance and lifecycle works of approximately 220km of the M25, along with an additional 220km of connecting motorway and trunk road. It includes more than 140,000 assets, 1,800 structures (including 750 bridges), five tunnels and a cable-stayed bridge at Dartford.

Cengalo Street Lighting Connect Roads Infrastructure Investments Ltd 33 December 2016

In December 2016, Equitix acquired an 80% stake in a portfolio of five street lighting PFI assets in Sunderland, South Tyneside, Coventry, Cambridgeshire and Northamptonshire. The concessions include the installation and maintenance of over 230,000 street-lighting poles and lights, illuminated bollards and beacons, and updating equipment to conform to European Standards. The projects have a five-year Core Investment Program Period (CIPP), throughout which the installation and replacements are made, followed by a 20-year on-going maintenance period. At the time of acquisition, all projects had successfully completed their CIPPs, and are into the operational phase.

Dorset Street Lighting Dorset County Council 62 November 2015

In November 2015, Equitix acquired a 100% stake in a single street-lighting project from SSE plc in Dorset. The SPV is responsible for the refurbishment and upgrade of the assets and will continue to maintain and operate over 27,400 street lights across the county.

The project also includes the provision, maintenance and operation of lanterns, illuminated signs, bollards and beacons under a 25-year concession with the local authority.

West Sussex Street Lighting PFI West Sussex County Council 121 November 2014

Equitix acquired 100% of the West Sussex Street Lighting PFI from SSE plc in November 2014 as part of a portfolio sale of seven projects from the leading global utility firm. The investment involves the acquisition of 100% of seven projects from Scottish and Southern Electric plc in the UK street lighting PPP market with assets across Hampshire, Southampton, West Sussex, Knowsley, Nottingham, Ealing and Islington.

The SPV are responsible for the refurbishment and upgrade of the assets and will continue to maintain and operate over 590,000 street lights across the seven local authorities. It also includes the provision, maintenance and operation of lanterns, illuminated signs, bollards and beacons.

Each of the projects has a 25 year agreement with their respective local authorities.

Nottingham Street Lighting PFI Nottingham County Council 74 November 2014

Equitix acquired 100% of the Nottingham Street Lighting PFI from SSE plc in November 2014 as part of a portfolio sale of seven projects from the leading global utility firm. The investment involves the acquisition of 100% of seven projects from Scottish and Southern Electric plc in the UK street lighting PPP market with assets across Hampshire, Southampton, West Sussex, Knowsley, Nottingham, Ealing and Islington.

The SPV are responsible for the refurbishment and upgrade of the assets and will continue to maintain and operate over 590,000 street lights across the seven local authorities. It also includes the provision, maintenance and operation of lanterns, illuminated signs, bollards and beacons.

Each of the projects has a 25 year agreement with their respective local authorities.

Islington Street Lighting PFI London Borough of Islington 23 November 2014

Equitix acquired 100% of the Islington Street Lighting PFI from SSE plc in November 2014 as part of a portfolio sale of seven projects from the leading global utility firm. The investment involves the acquisition of 100% of seven projects from Scottish and Southern Electric plc in the UK street lighting PPP market with assets across Hampshire, Southampton, West Sussex, Knowsley, Nottingham, Ealing and Islington.

The SPV are responsible for the refurbishment and upgrade of the assets and will continue to maintain and operate over 590,000 street lights across the seven local authorities. It also includes the provision, maintenance and operation of lanterns, illuminated signs, bollards and beacons.

Each of the projects has a 25 year agreement with their respective local authorities.

Ealing Street Lighting PFI London Borough of Ealing 45 November 2014

Equitix acquired 100% of the Ealing Street Lighting PFI from SSE plc in November 2014 as part of a portfolio sale of seven projects from the leading global utility firm. The investment involves the acquisition of 100% of seven projects from Scottish and Southern Electric plc in the UK street lighting PPP market with assets across Hampshire, Southampton, West Sussex, Knowsley, Nottingham, Ealing and Islington.

The SPV are responsible for the refurbishment and upgrade of the assets and will continue to maintain and operate over 590,000 street lights across the seven local authorities. It also includes the provision, maintenance and operation of lanterns, illuminated signs, bollards and beacons.

Each of the projects has a 25 year agreement with their respective local authorities.

Southampton Street Lighting PFI Southampton County Council 40 November 2014

Equitix acquired 100% of the Southampton Street Lighting PFI from SSE plc in November 2014 as part of a portfolio sale of seven projects from the leading global utility firm. The investment involves the acquisition of 100% of seven projects from Scottish and Southern Electric plc in the UK street lighting PPP market with assets across Hampshire, Southampton, West Sussex, Knowsley, Nottingham, Ealing and Islington.

The SPV are responsible for the refurbishment and upgrade of the assets and will continue to maintain and operate over 590,000 street lights across the seven local authorities. It also includes the provision, maintenance and operation of lanterns, illuminated signs, bollards and beacons.

Each of the projects has a 25 year agreement with their respective local authorities.

Hampshire Street Lighting PFI Hampshire County Council 185 November 2014

Equitix acquired 100% of the Hampshire Street Lighting PFI from SSE plc in November 2014 as part of a portfolio sale of seven projects from the leading global utility firm. The investment involves the acquisition of 100% of seven projects from Scottish and Southern Electric plc in the UK street lighting PPP market with assets across Hampshire, Southampton, West Sussex, Knowsley, Nottingham, Ealing and Islington.

The SPV are responsible for the refurbishment and upgrade of the assets and will continue to maintain and operate over 590,000 street lights across the seven local authorities. It also includes the provision, maintenance and operation of lanterns, illuminated signs, bollards and beacons.

Each of the projects has a 25 year agreement with their respective local authorities.

Knowsley Street Lighting PFI Knowsley Borough 49 November 2014

Equitix acquired 100% of the Knowsley Street Lighting PFI from SSE plc in November 2014 as part of a portfolio sale of seven projects from the leading global utility firm. The investment involves the acquisition of 100% of seven projects from Scottish and Southern Electric plc in the UK street lighting PPP market with assets across Hampshire, Southampton, West Sussex, Knowsley, Nottingham, Ealing and Islington.

The SPV are responsible for the refurbishment and upgrade of the assets and will continue to maintain and operate over 590,000 street lights across the seven local authorities. It also includes the provision, maintenance and operation of lanterns, illuminated signs, bollards and beacons.

Each of the projects has a 25 year agreement with their respective local authorities.

CNDR Cumbria County Council 60 November 2013

Equitix Fund II acquired 75% of the CNDR Project from Balfour Beatty in November 2013. The project includes the design, construction, Operations & Maintenance of 8.25km new carriageway to the west and north Carlisle, UK and the Operation and Maintenance of 148km network of existing county principal roads and detrunked roads in Cumbria. Financial Close took place in 2009 and the project is fully operational with the new road construction completed in February 2013. O&M is undertaken by Balfour Beatty Civil Engineering.

A30 & A35 Highways Agency 121 November 2013

Equitix Fund II acquired 65% of the A30/A35 from Balfour Beatty in November 2013. The project includes the construction of 31km of new highways involving the A30 Honiton to Exeter dual carriageway improvement and A35 Tolpuddle to Puddletown bypass. Financial Close was achieved in 1997 and works were completed in March 2000. The O&M of 102km is undertaken by Balfour Beatty Civil Engineering and South West Highways.

Sheffield Highways Sheffield City Council 369 August 2012

Financial close was reached on the Sheffield Highways Project in July 2012 and Equitix is an equal shareholder alongside Amey Ventures Asset Holdings Limited and Uberior Infrastructure Investments in the new consortium for the project. The contract includes improving and maintaining the city’s highway assets as well as providing street cleaning and grounds and tree maintenance and carrying out all winter maintenance duties. There will be a significant investment in the first 5 years known as the core investment period when the majority of the improvements works will be carried out. This work will involve improving roads and pavements, replacing street lighting columns and upgrading them and traffic signals with the latest LED technology, strengthening and repairing bridges and structures, improving flood prone drainage and replacing highway trees where necessary.

Amey will be responsible for delivering one of the biggest highways projects in the country to bring Sheffield’s highway network up to a high standard within the first 5 years of the contract and then maintaining that standard for the remaining 20 years of the contract. The contract began mid-August 2012.

Rochdale Street Lighting Rochdale Metropolitan Borough Council 23 June 2011

Equitix Fund II acquired a 50% stake in both Oldham and Rochdale Street Lighting projects in June 2011. They are both 25 year concession contracts for the provision and maintenance of public street lighting and traffic signs in Oldham Metropolitan Borough and Rochdale Metropolitan Borough. The Core Investment Programme will see the replacement of c. 47,000 columns and the replacement of a further 9,850 columns during the operational period. Pell Frischmann is the co-investor and E.ON is the subcontractor.

Oldham Street Lighting Oldham Metropolitan Borough Council 23 June 2011

Equitix Fund II acquired a 50% stake in both Oldham and Rochdale Street Lighting projects in June 2011. They are both 25 year concession contracts for the provision and maintenance of public street lighting and traffic signs in Oldham Metropolitan Borough and Rochdale Metropolitan Borough. The Core Investment Programme will see the replacement of c. 47,000 columns and the replacement of a further 9,850 columns during the operational period. Pell Frischmann is the co-investor and E.ON is the subcontractor.

Birmingham Highways Birmingham City Council 300 December 2010

This project was acquired in December 2010 and is currently in its initial five year core investment period which will see nearly £300 million of capital improvement activity being delivered across the City’s Highway network, including: the improving of the structural and surface condition of around 45% of the 2,500km of carriageways; upgrading around 15% of the 4,200km footway and cycleway network across the city; replacing approximately 41,500 street light columns with state of the art LED technology; refurbishing 3 strategically important tunnels; strengthening 29 sub-standard bridges to bring them up to 40 tonne load capacity; and, replacing around 600 traffic controller signals and replacing traffic signal heads with LED lamps.

Following this initial activity, the contract ensures the infrastructure will be maintained at these improved standards for a further 20 years and routine and cyclical highways maintenance for the full 25 year period is also included in the scope of the project. All works and services under the Contract, including the Core Investment Period works are being undertaken by Amey.

Blackpool Street Lighting Blackpool Borough Council 22 February 2010

Equitix Fund I has a 50% interest in the Blackpool street lighting, which was acquired in February 2010. The Fund is an equal investor in the project with Pell Frischmann. The Blackpool street lighting project consists of the replacement of 14,100 columns, the installation of 2,100 more, and 125 traffic signalling locations being replaced; all of which are being maintained throughout the project life.

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