(Alliance News) - HICL Infrastructure PLC on Friday said it has completed the acquisition of transmission assets associated with the Race Bank wind farm, located off the coast of Norfolk, East Anglia.
The transmission assets were bought by a consortium comprising HICL and Diamond Transmission Corp Ltd, a unit of Japanese industrial conglomerate Mitsubishi Corp. HICL's investment was GBP24 million, it said, funded from drawings under a revolving credit facility.
The FTSE 250 listed investment firm said the transaction is part of the fifth tender round of UK Office of Gas & Electricity Markets' offshore transmission owner programme.
"This acquisition fits well with the company's strategy of investing in essential and public core infrastructure, with a strong social purpose," HICL said.
HICL shares were trading 0.3% higher in London on Friday at 162.67 pence each, while Mitsubishi shares closed 1.7% higher in Tokyo at JPY2,681 each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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HICL Infrastructure (HICL)