3i Infrastructure invests in West of Duddon Sands project

21st Aug 2015 08:57

(ShareCast News) - 3i Infrastructure has reached a deal to take a 50% holding in the West of Duddon Sands Offshore Transmission Owner from Dong Energy and Scottish Power Renewables for a £23m investment.The remaining equity in the project will be acquired by Macquarie Capital.3i said the consortium was selected as preferred bidder following a competitive tender run by Ofgem in July 2014.The project involves the acquisition, financing and operation of power transmission cables and associated electrical equipment connecting the West of Duddon Sands offshore wind farm, located around 15km off Walney Island in the Irish sea, to the UK electricity grid in Heysham, Lancashire.3i's chairman, Peter Sedgwick, said: "Our investment in this project represents another step in growing our portfolio of primary PPP and low-risk energy projects, delivering attractive risk-adjusted returns alongside our mid-market economic infrastructure investments."At 0903 BST, 3i shares were down 0.4% at 169.76p.