The councils have jointly signed a 25 year contract with the consortium. Funding comes from Barclays and NAB.
Work will begin in July 2011 to replace street lights across the two boroughs, with 38,000 new lighting columns to be installed in the first five years of the project and more than 5,000 illuminated traffic signs and bollards. Altogether around 80% of the boroughs’ street lighting columns, bollards and signs will be replaced or upgraded under the agreement.
The councils were advised by lawyers from Pinsent Masons - the third major street lighting project to close in the last couple of weeks that Pinsent Masons has advised on, following a £130m project in Knowsley and a £151m joint project in Croydon and Lewisham.
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