29th Nov 2013 09:11
LONDON (Alliance News) - GCP Infrastructure Investments Limited Friday said its master fund has subscribed for loan notes with a term of around 19 years and an aggregate value of GBP21.2 million.
The infrastructure fund focused primarily on investments in UK infrastructure debt said the yield on the notes will be around 9.8% per annum.
The notes will be issued by GCP Onshore Wind 3 Limited, a single-purpose company, and the proceeds from the issue of the notes will be used to make a loan secured on a senior-ranking basis against a single-site five-turbine 15 megawatt wind farm to be developed in Northern Ireland, it said.
GCP said all payments of both principal and interest in relation to the notes are expected to be serviced from income from electricity generated by the windfarm in the form of receipts from the sale of Northern Ireland Renewable Obligations Certificates and of the electricity under a Power Purchase Agreement.
The acquisition of the notes has been financed from GCP's available cash reserves.
GCP was trading at unchanged at 108.00 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
GCP Infrastructure Investments