TIDMHICL

RNS Number : 2706I

HICL Infrastructure Company Ld

23 November 2018

23 November 2018

HICL Infrastructure Company Limited

Preferred Bidder Announcement

HICL Infrastructure Company Limited ("HICL" or "the Company"), the listed infrastructure investment company advised by InfraRed Capital Partners Limited, is pleased to announce that Diamond Transmission Partners, a consortium comprising the Company and Diamond Transmission Corporation Limited (a subsidiary of Mitsubishi Corporation), has been selected by Ofgem as the preferred bidder to own and operate the offshore transmission link to the Galloper Offshore Wind Farm project ("Galloper OFTO").

The offshore transmission owner ("OFTO") regime covers regulated assets where the OFTO takes ownership of an operational transmission asset and receives contractual, availability-based revenues over a 20-year period. The OFTO does not have exposure to construction risk, electricity production or power price risk. The Galloper OFTO represents the third successful bid by the partnership of HICL and Diamond Transmission Corporation Limited, the first two being the Burbo Bank Extension OFTO which has reached financial close and the Race Bank OFTO where Diamond Transmission Partners was selected as the preferred bidder in June 2018.

The consideration for HICL's 50% share of the interest in the Galloper OFTO is expected to be approximately GBP15m. Completion of the acquisition is expected in mid-2019.

-ends-

Enquiries

   InfraRed Capital Partners Limited                                            +44 (0) 20 7484 1800

Harry Seekings

Keith Pickard

Tulchan Communications +44 (0) 20 7353 4200

David Allchurch

Toby Bates

Canaccord Genuity Limited +44 (0) 20 7523 8000

David Yovichic

HICL Infrastructure Company Limited

HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "HICL 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 117 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 Adviser (InfraRed Capital Partners)

The Investment Adviser 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 140 professionals it manages in excess of US$10bn 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 75 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

MSCEAXFAADAPFFF

(END) Dow Jones Newswires

November 23, 2018 02:00 ET (07:00 GMT)

Hicl Infrastructure (LSE:HICL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Hicl Infrastructure Charts.
Hicl Infrastructure (LSE:HICL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Hicl Infrastructure Charts.