John Laing finalizes USD248 million transaction deal for Offshore transmission assets in UK

John Laing Group has bought a stake in the transmission assets for the Hornsea 2 offshore wind farm as part of a portfolio acquisition from HICL Infrastructure.

The group has purchased HICL's complete equity stake in four UK public-private partnership projects, including a 37.5% share in the Hornsea 2 offshore transmission assets, for a total sum of GBP204 million (US$248 million). This portfolio comprises HICL's entire equity interest in four UK PPP projects: Queens (Romford) Hospital, Oxford John Radcliffe Hospital (OJR), Priority Schools North East Batch, and South Ayrshire Schools. Additionally, it includes half of HICL's investment in the Hornsea II OFTO. John Laing was advised by BNP Paribas, White & Case, Gibson Dunn, Arup, Aon, PwC and ERM.

The transmission system links the Hornsea 2 offshore wind farm, situated 90 km east of the Humber Estuary in North Yorkshire, to the UK mainland. The funds from this transaction will reduce the Company’s borrowings on its Revolving Credit Facility to approximately GBP130 million (US$158 million). The completion of all five acquisitions is anticipated before the end of March 2024.