GCP Infrastructure Investments Ltd Conditional investment commitment (8551C)
20 April 2017 - 7:18PM
UK Regulatory
TIDMGCP
RNS Number : 8551C
GCP Infrastructure Investments Ltd
20 April 2017
20 April 2017
GCP Infrastructure Investments Limited ("GCP Infrastructure" or
"the Company")
Conditional investment commitment in connection with the sale of
the UK Green Investment Bank plc
The Board of GCP Infrastructure, the only listed infrastructure
fund focused primarily on investment in UK infrastructure debt,
notes the announcement by Macquarie Group ("Macquarie") today in
respect of its acquisition of the UK Green Investment Bank plc (the
"GIB Transaction").
The Board confirms that the Company has entered into a
conditional, binding commitment with a Macquarie-owned entity to
subscribe for a series of loan notes with a value of up to c.
GBP140 million, in aggregate, over a c. two year period (the "GIB
Loan Notes"). The proceeds of the GIB Loan Notes, if issued, will
be used to purchase and/or finance investments secured against 23
UK based projects (the "Projects") connected to the GIB
Transaction.
Each of the Projects is in receipt of, or is expected to be in
receipt of, revenues arising from either government-backed
public-private partnership ("PPP") schemes or government-sponsored
mechanisms for promoting energy efficiency or renewable electricity
generation in the UK. The Projects involve developments across
multiple sectors including waste to energy, onshore wind, hydro,
landfill gas and building retrofit schemes.
This commitment by the Company extends the existing relationship
with the UK Green Investment Bank plc (the "GIB"), which has seen
the Company invest alongside the GIB in a number of projects over
the last four years. The Company intends to continue to work with
the GIB, under Macquarie's ownership, to ensure the long-term
success of the Projects and to explore further opportunities in
sectors of the green economy relevant to its investment
mandate.
The Company's conditional investment is subject, inter alia, to
regulatory approval of the GIB Transaction. The GIB Transaction is
currently expected to complete in the first half of 2017.
The acquisition of the GIB Loan Notes, if issued, will be funded
by the Company from its available resources at the relevant
time.
A further announcement will be made in due course.
Contact details:
Gravis Capital Management
Ltd
Phil Kent
Stephen Ellis +44 (0)20 7518 1490
Stifel Nicolaus Europe
Limited
Neil Winward
Mark Bloomfield
Tunga Chigovanyika +44 (0)20 7710 7600
Buchanan
Charles Ryland
Victoria Watkins +44 (0)20 7466 5000
Notes to Editors
The Company
The Company is a closed-ended London Stock Exchange-listed
investment company that seeks to generate returns from senior and
subordinated infrastructure debt and related and/or similar assets.
The Company is advised by Gravis Capital Management Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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