New Investment

RNS Number : 1144E

HICL Infrastructure PLC

26 February 2020

 

26 February 2020

HICL Infrastructure PLC

("HICL" or "the Company" and, together with its subsidiaries, "the Group"), the London-listed infrastructure investment company managed by InfraRed Capital Partners Limited ("InfraRed" or "the Investment Manager".)

New Investment

HICL is pleased to announce the completion of the acquisition of the transmission assets associated with the Galloper Windfarm (the "Galloper OFTO"), located off the coast of Suffolk, 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 November 2018. The Group's investment was £13.6m, funded from the Company's cash resources. 

This acquisition fits well with the Company's strategy of investing in essential and public core infrastructure, with a strong social purpose. The Galloper OFTO facilitates the transmission of enough renewable energy to power over 380,000 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.  RES (Renewable Energy Systems) will provide certain operations and maintenance services for DTP under a long-term subcontract.

-ends-

Enquiries

InfraRed Capital Partners Limited   [phone]

Harry Seekings

Keith Pickard

Kirsty MacCallum

Teneo        [phone]

Robert Morgan

Haya Herbert-Burns

Investec Bank plc   [phone]

David Yovichic

RBC Capital Markets   [phone]

Darrell Uden

Aztec Financial Services (UK) Limited   [phone]

Chris Copperwaite

Sarah Felmingham

HICL Infrastructure PLC

HICL Infrastructure PLC ("HICL" or the "Company", and together with its subsidiaries the "Group") 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 over 100 infrastructure investments, HICL is seeking further suitable opportunities, which are positioned at the lower end of the risk spectrum within core infrastructure.

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, Seoul and Sydney. With over 150 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 85 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 .

 

END

 

 

ACQSEUFWIESSEIE