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GCP Infrastructure Investments Ltd - Middlesex, England-based investor in UK infrastructure - Disposes of two operational onshore wind farms at Pates Hill and Milton Keynes.
The farms are bought by OnPath Energy Ltd - Houghton-Le-Spring, England-based renewable energy company - which is a subsidiary of Brookfield Asset Management -Toronto-based investment firm.
GCP does not provide the total transaction price, but says disposal proceeds represent around 88% of GCP’s £913 million net asset value at September 30.
Day one cash proceeds are £16.5 million, plus a further £1.3 million in deferred proceeds, and £1.0 million in tax benefits. Remaining payments depend on production milestones at the wind farms.
Proceeds are to fund GCP’s capital allocation programme. The firm in 2023 said it would recycle £150 million worth of assets. GCP on Thursday says it continues to prioritise lower leverage and commits to at least £50 million in shareholder returns.
Current share price: 73.43 pence, up 2.0% in London on Thursday afternoon
12-month change: down 0.9%
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