Skanska, through a preferred-bidder contract, has been selected for developing, constructing and maintaining three schools for Essex County Council.

The project will be conducted for public private partnerships,Private Finance Initiative (PFI), which means that Skanska will assume responsibility for the financing, design and construction of the new schools, as well as the maintenance of the schools for a total of 26 years commencing in 2011.

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The PFI project in Essex initially comprises three new schools to be developed in co-operation with the local authorities within the Essex Local Education Partnership (the Essex LEP) of which the Skanska-RM consortium holds an 80% share.

The partnership covers a total period of ten years and further schools will be developed in future phases.

The construction assignment will be conducted by Skanska UK, which will also design and build a fourth school in addition to the three in this PFI agreement. The contract for the four schools is estimated to amount to approximately £70 million.

Financial close for the contract, including the completion of negotiations and financing, is expected during 2010.

(CD/GK)