This street lighting project is the first ever project procured by Wakefield Metropolitan District Council under the Private Finance Initiative, following a Best Value Review that identified the need for investment in the District’s street lighting stock.
The project will deliver important benefits for the residents of Wakefield by improving road safety and reducing crime, in addition to general environmental and economic benefits.
The contract will improve street lighting by replacing columns that are beyond repair, repairing those in poor condition, and in some cases installing extra lighting where none previously existed.
The 25-year contract, which commenced in February 2004, is to manage and maintain the District’s entire stock of 41, 000 lighting columns. Of the total stock, approximately 29, 000 life-expired lighting columns and 2,500 lit signs will be replaced within the first five years of the contract.
The ongoing service to be provided by the project company includes routine maintenance, lifecycle maintenance and reactive and emergency repairs of lighting columns and lit signs.
The project is funded through senior debt of up to £25 million and subordinated debt and equity of around £3 million provided by shareholders. John Laing holds 50% of the project company equity.
| Project | Client | Value | Duration | Status | Business | Sector | Country |
|---|---|---|---|---|---|---|---|
| Wakefield Public Lighting, UK | Wakefield Metropolitan District Council | £26m | 25 years | Part Operational | Street Lighting | UK |