Interserve and its joint venture partner Kajima have reached financial close on the project to design and build seven secondary schools across Hertfordshire, Luton and Reading.

This is one of the first batch of schools to be funded using the Government’s new PF2 private finance model that will also boost economic growth and create new jobs.

The scheme, which was procured under the Priority School Building Programme, has a capital value in excess of £135 million. .

Interserve Kajima, which was appointed preferred bidder by the Education Funding Agency (EFA) in April 2014, will be responsible for the design and construction of the schools as well as all maintenance services over 25-years.

Dougie Sutherland, Executive Director at Interserve said: “This is the 20th privately-financed education project in which the Group has invested and underlines our support for the Government’s investment in education.

“As well as providing some 900 new schools places for students in Hertfordshire, Luton and Reading, we will commit to take on more than 50 young people to work on the projects under NVQs, apprenticeships and work placements.”

The secondary schools included in this tranche are Bishop’s Hatfield Girls’ School, Hatfield; Goffs School, near Cheshunt; Kings Langley School, Kings Langley; Longdean School, Hemel Hempstead; Reading Girls’ School, Reading; Stopsley High School, Luton; and Westfield Academy, Watford.

Construction started on all the schemes last month with the first due for completion in August 2016. All of the new schools will be open by November 2016.