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HICL Infrastructure PLC on Monday said it is buying a 46% stake in US electricity transmission asset Texas Nevada Transmission LLC.
London-based infrastructure investment firm HICL expects the acquisition, for an undisclosed sum, to close before its financial year ends on March 31 next year.
Through the investment, HICL will ‘partner with LS Power Development LLC, a leading US electricity system developer and operator who has successfully developed more than 13 gigawatt of power generation and over 660 miles of transmission infrastructure.’
Further, HICL noted that it received the preferred bidder status from Ofgem for assets associated with the Hornsea II Offshore Wind Farm offshore transmission link.
‘The consideration for HICL's 75% share of the economic interest in the Hornsea II OFTO is expected to represent approximately 3% of HICL's portfolio by value. The investment is anticipated to reach financial close in the first half of 2023 and will be funded at that time from the company's £730 million corporate credit facility,’ HICL explained.
HICL Infrastructure shares were 0.4% lower at 174.60 pence each in London on Monday morning.
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