Balfour Beatty Infrastructure Partners (BBIP) is buying an energy firm for £61.37 million.

It has made a recommended bid for Alkane Energy through Barbican Bido, a BBIP company.

Alkane Energy operates mid-sized gas to power electricity plants, providing both predictable and response capacity to the grid.

It has a total of 145MW of installed generating capacity.

Roger McDowell, Chairman of Alkane said: “This offer enables Alkane shareholders to realise value today in cash for their shares at a significant premium to the recent historical share price, which, in the board’s view, has been impacted by negative sentiment towards the energy industry and continued regulatory scrutiny.”