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Balfour Beatty has reached financial close on the power transmission network for the Gwynt y M么r wind farm off the north Wales coast 鈥� which will be its third sea-to-land power system.

The company said it will jointly own the 拢352m transmission system with infrastructure investor Equitix. The network includes more than 80km of subsea cables and three substations connecting the 160-turbine farm with the National Grid.

Balfour said the deal would see it invest 拢28m in equity, which represented 60% of the investment required. It was to own and operate the Gwynt y M么r connection in 2013.

The firm reached financial close on the Greater Gabbard offshore transmission project (OFTO) in November 2013 and the Thanet OFTO in December last year. .

Balfour Beatty group chief executive Leo Quinn said offshore power delivery represented a 鈥渟izable growth opportunity鈥� for the firm鈥檚 investments business.

鈥淭he offshore transmission market has a future pipeline to 2020 of up to 拢10bn,鈥� he said.

鈥淐ombining our investment and operational capabilities gives us a leading offering in this market and we have already used this to establish a strong early presence.鈥�

Balfour said its services division was responsible for the Gwynt y M么r transmission system鈥檚 operations and maintenance under an Ofgem licence that had a 20-year revenue stream.