In QuotedData’s morning briefing 8 July 2022:
- Digital 9 Infrastructure (DGI9) has announced that Finland’s Ministry of Economic Affairs and Employment has approved the sale of Ficolo to the Group. The acquisition of Ficolo (which was first announced on 25 April 2022 – click here to see our coverage) will now proceed to completion, expected to be on 14 July 2022.
- Riverstone Credit Opportunities Income (RCOI) has announced the upsize of its investment in Blackbuck Resources, a sponsor-backed infrastructure company focused on full-cycle water management solutions, including treatment, gathering, recycling, storage and disposal. In June 2021, RCOI committed US$9.9m for a first lien sustainability-linked delayed-draw term loan to Blackbuck. On 30 June 2022, Blackbuck upsized the loan by US$7.0m, bringing the total facility to US$57.0m. In aggregate, US$11.6m is now committed by RCOI. The proceeds, along with incremental equity, will be used to fund growth capex associated with new contracts.
- Harmony Energy Income Trust (HEIT) has announced its interim results for the period since its incorporation on 1 October 2021 to 30 April 2022. HEIT comments that its maiden results show a strong period since its IPO with significant progress made on the Seed Portfolio delivery and a strong pipeline. To recap:
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- On 09 November 2021, the Company successfully listed on the Specialist Fund Segment of the Main Market of the London Stock Exchange with an initial market capitalisation of £210 million
- NAV increased by 8.85% to £228.7 million, or 108.90 pence per Ordinary Share
- NAV increase is primarily driven by 17% increase in revenue projections, which has been agreed with the independent valuer, and asset revaluations as projects have progressed from “shovel ready” to “under construction”
- Maiden dividend declared of 1 pence per Ordinary Share
- Post the Period-end, on 22 June 2022, a debt finance facility of up to £60 million from NatWest plc was contracted to facilitate the acquisition and construction of the Company’s first pipeline project
Operational highlights
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- Strong progress on the delivery of the Seed Portfolio with all five projects now “under construction” in accordance with the table below
- During the Period, three of the four “shovel ready” projects progressed to “under construction” with EPC contracts signed for Broadditch in January 2022 and Farnham and Rusholme in April 2022
- Target commercial operations date of the Pillswood project accelerated across both phases, especially phase II, which was brought forward from March 2023 to November 2022
- The EPC contract for the final Seed Portfolio project, Little Raith, was signed on 30 June 2022, with a target commercial operations date of October 2023
We also have the results of Digital 9 Infrastructure’s fundraise, details of HICL Infrastructure’s proposed fundraise and annual results from Oryx International Growth.