GCP Infrastructure subscribes for £80m loan notes to fund wind project

GCP Infrastructure Investments has entered into a commitment to subscribe for a series of loan notes with a value of £80m, it announced on Thursday.

The FTSE 250 company said the proceeds would be used to finance investment in an operational offshore wind project located in the UK.

It said the wind project was in receipt of renewable obligation certificates - a government-sponsored mechanism for promoting renewable electricity generation in the UK.

“The subscription for the loan notes will be funded by the company from its available resources at the relevant time,” the GCP board said in its statement.

“The loan notes, if issued, will be issued by an intermediary company set up for these purposes.”