HICL Infrastructure PLC New Investments (5263P)
October 11 2019 - 1:00AM
UK Regulatory
TIDMHICL
RNS Number : 5263P
HICL Infrastructure PLC
11 October 2019
11 October 2019
HICL Infrastructure PLC
New Investments
HICL Infrastructure PLC ("HICL" and, together with its
subsidiaries, the "Group"), the listed infrastructure investment
company managed by InfraRed Capital Partners Limited, is pleased to
announce the completion of the acquisition of the transmission
assets associated with the Race Bank Windfarm (the "Race Bank
OFTO"), located off the coast of Norfolk, by Diamond Transmission
Partners ("DTP"), a consortium comprising HICL and Diamond
Transmission Corporation Limited (a subsidiary of Mitsubishi
Corporation).
The transaction is part of Tender Round 5 of Ofgem's Offshore
Transmission Owner ("OFTO") programme. HICL previously announced
its status as preferred bidder for the OFTO, alongside Diamond
Transmission Corporation Limited, in June 2018. The Group's
investment was GBP24m, funded from drawings under HICL's Revolving
Credit Facility.
This acquisition fits well with the Company's strategy of
investing in essential and public core infrastructure, with a
strong social purpose. The Race Bank OFTO facilitates the
transmission of renewable energy to over 500,000 UK homes,
contributing to the UK's transition to a low-carbon economy.
Under the OFTO regime, DTP takes ownership of the operational
transmission asset and receives contractual, availability-based
revenues over a 20-year period. DTP does not have exposure to
construction risk, electricity production or power price risk.
Renewable Energy Systems (RES) will provide certain operations and
maintenance services for DTP under a long-term subcontract.
-ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Harry Seekings
Keith Pickard
Kirsty MacCallum
Tulchan Communications +44 (0) 20 7353 4200
James Macey White
Sheebani Chothani
Investec Bank plc +44 (0) 20 7597 4000
David Yovichic
RBC Capital Markets +44 (0) 20 7653 4000
Darrell Uden
HICL Infrastructure PLC
HICL Infrastructure PLC ("HICL") is a long-term investor in
infrastructure assets which are predominantly operational and
yielding steady returns. It was the first infrastructure investment
company to be listed on the London Stock Exchange.
With a current portfolio of 119 infrastructure investments, HICL
is seeking further suitable opportunities, which are positioned at
the lower end of the risk spectrum, in three target markets
segments: PPP projects; regulated assets; and demand-based
assets.
Further details can be found on the HICL website
www.hicl.com.
Investment Manager (InfraRed Capital Partners)
The Investment Manager to HICL is InfraRed Capital Partners
Limited ("InfraRed"), which has successfully invested in over 200
infrastructure projects since 1997. InfraRed is a leading
international investment manager focused on infrastructure and real
estate. It operates worldwide from offices in London, Hong Kong,
New York, Mexico City, Seoul and Sydney. With over 160
professionals it manages in excess of US$12bn of equity capital in
multiple private and listed funds, primarily for institutional
investors across the globe. InfraRed is authorised and regulated by
the Financial Conduct Authority.
The infrastructure investment team at InfraRed consists of over
80 investment professionals, all with an infrastructure investment
background and a broad range of relevant skills, including private
equity, structured finance, construction, renewable energy and
facilities management.
InfraRed implements best-in-class practices to underpin asset
management and investment decisions, promotes ethical behaviour and
has established community engagement initiatives to support good
causes in the wider community. InfraRed is a signatory of the
Principles of Responsible Investment.
Further details can be found on InfraRed's website
www.ircp.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQLLFFSIDLILIA
(END) Dow Jones Newswires
October 11, 2019 02:00 ET (06:00 GMT)
Hicl Infrastructure (LSE:HICL)
Historical Stock Chart
From Apr 2024 to May 2024
Hicl Infrastructure (LSE:HICL)
Historical Stock Chart
From May 2023 to May 2024