HICL Infrastructure announces two prospective acquisitions

Investment group HICL Infrastructure has announced two prospective acquisitions to its portfolio.

HICL said on Monday that it had snapped up a "significant minority shareholding" in Texas Nevada Transmission, a US electricity transmission asset.

Through TNT, of which it purchased a 45.75% stake, HICL said it also received an indirect and equal shareholding in regulated electric transmission utility Cross Texas Transmission and Great Basin Transmission South, which itself owns a 75% interest in the One Nevada Transmission Line, a 231 mile 500kV electric transmission line and substation which connects two utility systems in Nevada.

HICL also said it had secured the status of "preferred bidder" for assets associated with the Hornsea II Offshore Wind Farm offshore transmission link.

The consideration for HICL's 75% share of the economic interest in the Hornsea II OFTO was expected to represent approximately 3% of the group's portfolio by value and was anticipated to reach financial close in the first half of 2023. The acquisition will be funded from HICL's £730.m corporate credit facility.

As of 0900 BST, HICL shares were down 0.82% at 173.96p.

Reporting by Iain Gilbert at Sharecast.com