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Investor has acquired HICL’s 37.5% shareholding as part of portfolio of five deals together worth £204m Infrastructure investor and manager John Laing Group has bought a stake in the transmission assets for the Hornsea 2 offshore wind farm as part of a portfolio acquisition from HICL Infrastructure. The group has acquired HICL’s entire equity interest in four UK public-private partnership projects, which include a 37.5% in the Hornsea 2 offshore transmission assets, for a total consideration of £204m The Hornsea 2 offshore transmission system connects the Hornsea 2 offshore windfarm 90km east of the Humber Estuary in North Yorkshire with the UK mainland. This marks John Laing’s first investment in the electricity networks sector and the company said it is exploring other UK opportunities in this sector as grids become a more strategic investment priority to meet decarbonisation and net zero goals. All five acquisitions are expected to complete before the end of March 2024. Andrew Truscott, Chief Executive of John Laing, said: “We are delighted to acquire this portfolio of operational core infrastructure assets backed by long-term contracts linked to inflation. “These assets further diversify our current portfolio, building on our extensive education, health and renewable energy experience. “The transaction also marks our entry into the growing transmission sector, where we see exciting opportunities.” John Laing was advised by BNP Paribas, White & Case, Gibson Dunn, Arup, Aon, PwC and ERM. |
