PFI upgrade for streetlights in Coventry
Department for Transport (West Midlands)
(DFT) Multi million pound PFI upgrade for streetlights in Coventry Coventry’s streets are set to benefit from £64.3 million in Private Finance Initiative investment, Transport Minister Rosie Winterton announced today.
The funding will allow Coventry City Council to secure private sector partners in a joint project to upgrade nearly 30,600 streetlights over the next 25 years.
Rosie Winterton said:
“Experience shows that better streetlighting helps improve road safety, as well as reducing crime and the fear of crime. It is also helps create happier and healthier local communities by promoting social inclusion and more sustainable patterns of transport by encouraging people to cycle and walk.
“I am very pleased that Coventry is using PFI arrangements to deliver real benefits to motorists, pedestrians and all road users alike.”
The next stage in the process is for the Council to discuss with potential partners how the work will be undertaken. When this is complete, work could start in 2009.
Notes to Editors
1. Government support of PFI credits for local authorities has been endorsed by the interdepartmental Project Review Group (PRG). A full list of the schemes approved by PRG can be found on the website of the Department for Communities and Local Government. http://www.local.communities.gov.uk/pfi/endorsed.xls
2. PFI credits support the capital element of the project. They are funded through revenue support which is paid as Special Grant.
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Issued by GNN West Midlands