International PPL to raise up to GBP450m to pay down debt, make investments

The infrastructure fund said proceeds will be used to repay the company’s cash drawn portion of its existing debt facility - £278m of which is currently utilised – and to acquire further investments.

The company said this may include pipeline investments where the group or its investment adviser, Amber Fund Management is currently preferred bidder and a number of other projects that Amber and/or International PPL are bidding on, developing or are in discussions about.

In addition, it noted opportunities to acquire investments from third party vendors or where the group has pre-emption rights.

International PPL said proceeds are expected to be invested within six to nine months.At 1543 BST, shares were down 0.2% at 131.40p.