HICL Infrastructure PLC Completion of Hornsea II OFTO transaction (6999G)
21 Julio 2023 - 1:00AM
UK Regulatory
TIDMHICL
RNS Number : 6999G
HICL Infrastructure PLC
21 July 2023
21 July 2023
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".)
Completion of announced Hornsea II OFTO transaction
Further to earlier announcements, the Board of HICL
Infrastructure PLC is pleased to confirm that the Company has now
completed the acquisition of a 75% shareholding in the offshore
transmission assets associated with the Hornsea II Windfarm
(Hornsea II OFTO). This availability-based and inflation-linked
investment in critical UK electricity transmission represents
HICL's fifth OFTO investment in partnership with Diamond
Transmission Corporation.
The investment will represent approximately 3% of HICL's
portfolio by value(1) and will be funded by the Company's GBP650m
revolving credit facility ("RCF"). Following this transaction and
the receipt of proceeds from the partial disposal of Northwest
Parkway, the RCF is expected to be c.GBP370m drawn. The Company
intends to continue its strategy of selectively realising assets to
reduce the RCF balance and optimise portfolio construction.
(1) As at 31 March 2023, using the Directors' Valuation of
GBP3,772.8m
-ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800 / info@hicl.com
Edward Hunt
Helen Price
Mohammed Zaheer
Brunswick +44 (0) 20 7404 5959 / hicl@brunswickgroup.com
Sofie Brewis
Investec Bank plc +44(0) 20 7597 4952
David Yovichic
RBC Capital Markets +44 (0) 20 7653 4000
Matthew Coakes
Elizabeth Evans
Aztec Financial Services (UK) Limited +44(0) 203 818 0246
Chris Copperwaite
Sarah Felmingham
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 over 100 infrastructure investments,
HICL is seeking further suitable opportunities in core
infrastructure, which are inherently positioned at the lower end of
the risk spectrum.
Further details can be found on the HICL website www.hicl.com
.
Investment Manager (InfraRed Capital Partners)
InfraRed Capital Partners is an international infrastructure
investment manager, with more than 180 professionals operating
worldwide from offices in London, New York, Sydney and Seoul. Over
the past 25 years, InfraRed has established itself as a highly
successful developer and custodian of infrastructure assets that
play a vital role in supporting communities. InfraRed manages
US$14bn+ of equity capital (1) for investors around the globe, in
listed and private funds across both income and capital gain
strategies.
A long-term sustainability-led mindset is integral to how
InfraRed operates as it aims to achieve lasting, positive impacts
and deliver on its vision of Creating Better Futures. InfraRed has
been a signatory of the Principles of Responsible Investment since
2011 and has achieved the highest possible PRI rating (2) for its
infrastructure business for seven consecutive assessments, having
secured a 5 stars rating for the 2021 period. It is also a member
of the Net Zero Asset Manager's Initiative and is a TCFD
supporter.
InfraRed is part of SLC Management, the institutional
alternatives and traditional asset management business of Sun Life.
InfraRed represents the infrastructure equity arm of SLC
Management, which also incorporates BentallGreenOak, a global real
estate investment management adviser, and Crescent Capital, a
global alternative credit investment asset manager.
www.ircp.com
(1) Data as at Q3 2022. Equity Capital is calculated using a
5-year average FX rate
(2) Principles for Responsible Investment ("PRI") ratings are
based on observation of the PRI Association's Principles, including
incorporating ESG issues into investment analysis, decision-making
processes and ownership policies. More information is available at
https://www.unpri.org/about-the-pri
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END
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