HICL Infrastructure Company Limited (“HICL” or the “Company”, and together with its subsidiaries the “Group”), the listed infrastructure investment company, is pleased to announce the acquisition of a further 3.4% interest in the Victorian Desalination PPP Project. The additional interest is a beneficial interest, held via an Australian company, and was acquired from a number of private investors. It takes the Group’s overall interest in the Project to approximately 9.3%. The consideration paid by the Group for the additional interest was A$46.0m (£25.2m) which was funded from the Group’s existing cash and debt resources. The consideration is in line with the valuation of other similar assets in the Group’s portfolio.
The Project was procured under the State of Victoria’s Partnerships Victoria Policy and is the largest desalination plant in the southern hemisphere capable of producing 444ML of drinking water per day (150GL/year). The Project reached financial close in September 2009 and became fully operational in December 2012.
Construction of the Project was undertaken by a construction joint venture of Theiss Pty Ltd and Degrémont Pty Ltd. It is being operated and maintained by an operations joint venture of Degrémont Pty Ltd and Theiss Services Pty Ltd.