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3i Infrastructure increases exposure to renewable energy assets

Phil White, managing partner of investment manager 3i Investments, said deals in the quarter “give us exposure to exciting new growth opportunities through increased electrification particularly from renewable resources”

wind power
Portfolio company Tampnet won a contract with the world's largest windfarm

3i Infrastructure PLC (LON:3IN) reported a higher level of income for the first quarter, easily enough to cover its increased dividend payments.

The FTSE 250-listed closed-ended investment company generated portfolio income and non-income cash of £28.2mln in the period, up from £23.7mln a year ago, with portfolio income little changed but higher non-income cash of £5.9mln.

A final dividend for the past financial year of 4.325p per share will be paid on 8 July and the company said it was on track to deliver its promised dividend target of 9.20p per share for the current year.

Renewable investments

Portfolio activity included the addition to the portfolio of Joulz, a provider of essential energy infrastructure equipment and services in the Netherlands, in a €220mln purchase.

Existing portfolio company Valorem lined up a bolt-on acquisition of 51% of Force Hydraulique Antillaise, a developer and operator of hydro power plants in the French Caribbean islands.

Portfolio company Tampnet also got a boost as it was awarded a contract to supply 4G coverage for the world's largest offshore windfarm, Ørsted's Hornsea One, off the coast of Yorkshire.

Phil White, managing partner of investment manager 3i Investments, the Valorem bolt-on deal and the completion of the Joulz deal, “give us exposure to exciting new growth opportunities through increased electrification particularly from renewable resources”.

“Looking ahead, we are working on a healthy pipeline of potential investments across our target markets.”

The cash balance was £53.1mln at 30 June and there was £283mln undrawn from the bank facility.

Quick facts: 3i Infrastructure PLC

Price: 286.5 GBX

LSE:3IN
Market: LSE
Market Cap: £2.55 billion
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