HICL Infrastructure, an infrastructure company managed by InfraRed Capital Partners, has acquired the Norfolk, England–based transmission assets of Race Bank Windfarm.
The acquisition was made by Diamond Transmission Partners (DTP), a consortium comprising HICL and Diamond Transmission Corp., according to HICL.
The consortium previously emerged as a preferred bidder for Tender Round 5 of Ofgem’s Offshore Transmission Owner (OFTO) program in June 2018. The group invested £24 million ($30 million), funded through HICL’s revolving credit facility.
With the deal, the DTP will own the operational transmission assets and will receive contractual, ability-based revenues over a 20-year period.
HICL said the transaction follows HICL’s strategy of investing in essential and public core infrastructure that has a strong social purpose.
The Race Bank OFTO generates renewable energy to more than 500,000 homes in the United Kingdom.