BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - 3i Infrastructure (3IN.L) has received a binding offer for its approximately 33% stake in Valorem, an independent European renewable energy developer and power producer, from funds managed by AIP Management P/S and from certain other co-investors. Projected net proceeds are approximately 309 million euros. 3i said the proceeds will be applied to reduce the outstanding balance on the revolving credit facility.
Scott Moseley and Bernardo Sottomayor, Managing Partners and Co-Heads of European Infrastructure, 3i Investments plc, Investment Manager of 3i Infrastructure, said: 'This divestment provides us with the opportunity to crystalise a significant uplift to the carrying value, the proceeds of which will be used to reduce our drawings on our revolving credit facility.'
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