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(Alliance News) - BBGI Global Infrastructure SA said on Monday it has further diversified its portfolio with an investment in a hydroelectric power station on Vancouver Island in British Columbia.
The Luxembourg-based investor completed an investment of CAD41 million, around GBP24 million, into InPower BC General Partnership, the entity delivering the John Hart generating station replacement project. The investment was made via its strategic partnership with SNC-Lavalin Group Inc. It was funded from its existing cash reserves and a GBP230 million revolving credit facility.
The John Hart generating station is a public-private partnership project, which entails the design, construction, financing, maintenance and rehabilitation of a new-three turbine, 132-megawatt hydroelectric power station on the Campbell River, on the east coast of Vancouver Island. The award-winning station generates clean energy for 80,000 homes, having started operations in 2019, with the operating concession running until 2033.
Availability payments will come from British Columbia Hydro & Power Authority, a government-owned crown corporation. BBGI's current portfolio is 100% availability-based assets, spanning 55 infrastructure investments in North America, the UK, Europe, and Australia.
BBGI's share price was up 0.5% to 171.70 pence each in London on Monday morning.
Co-Chief Executive Officers Duncan Ball and Frank Schramm commented: "We are delighted to complete this high-quality availability-based infrastructure investment with strong ESG credentials. Our strategy is to remain disciplined and selective in our approach to acquisition opportunities by only investing in availability-based assets that also align with our ESG principles, and not in higher risk infrastructure asset classes."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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