LONDON (Alliance News) - 3i Infrastructure PLC on Friday said it is taking a 50% holdings in the West of Duddon Sands Offshore Transmission Owner from Dong Energy and Scottish Power Renewables, with the remaining equity in the project to be acquired by Macquarie Capital.
3i Infrastructure is investing GBP23 million in the project.
"Our investment in this project represents another step in growing our portfolio of primary PPP and low-risk energy projects, delivering attractive risk-adjusted returns alongside our mid-market economic infrastructure investments," Chairman Peter Sedgwick said in a statement.
The consortium was chosen as preferred bidder following a competitive tender run by Ofgem in July 2014.
The project involves the acquisition, financing and operation of power transmission cables and associated electrical equipment connecting the West of Duddon Sands offshore wind farm to the UK electricity grid in Heysham, Lancashire.
The wind farm is about 15 kilometres off Walney Island in the Irish sea.
The wind farm has 108 Siemens 3.6 megawatt wind turbines which have a capacity of 389MW and provides clean, renewable energy for more than 270,000 UK households each year, according to 3i Infrastructure.
3i Infrastructure's investment adviser is 3i Investments PLC, part of 3i Group PLC.
Shares in 3i Infrastructure were down 0.5% at 169.73 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
3i Group (III)
3i Infrastructure (3IN)