The scheme will see the delivery of a major capital investment programme over three phases covering 12 schools across the borough.

Balfour Beatty chief executive, Ian Tyler said:

“We are delighted to have reached financial close on Southwark Schools for the Future. We look forward to using our experience of working on eight major PPP education projects to create first-class new learning environments in Southwark.”

Transform Schools, a subsidiary, was appointed selected bidder in November last year.

All construction and facilities management will be carried out by Balfour Beatty. ICT services across all the schools within the programme will be delivered in conjunction with RM, the leading supplier of ICT solutions to the UK education sector and to the BSF programme.

The project has secured funding under the Department for Children, Schools and Families’ Low Carbon Schools scheme and will incorporate a number of renewable energy technologies to achieve a reduction in carbon dioxide in use in excess of 60%.

New schools in Southwark in the first phase are scheduled to open in September 2010 and January 2011.

Earlier this month Balfour Beatty announced it had reached financial close on the £170m Fife General Hospital and Maternity Services PPP scheme.