3i Infrastructure closes EUR-376m refinancing of ESVAGT

E.on's Rodsand II Wind Park. Source: E.ON

December 29 (Renewables Now) - 3i Infrastructure Plc (LON:3IN) has completed a EUR-376-million (USD 450m) refinancing transaction for ESVAGT, the Danish emergency rescue firm that serves the offshore wind industry.

3i Infrastructure and AMP Capital struck a DKK-4.1-billion (USD 660m/EUR 551m) deal to acquire ESVAGT in 2015. The Jersey-incorporated infrastructure investor said last week that the new capital structure replaces the debt taken on at acquisition.

The two owners of ESVAGT have each invested DKK 175 million of additional equity into the business in conjunction with the refinancing.

Commenting on the transaction, Phil White, managing partner and head of infrastructure at 3i Investments plc, said that the refinancing enables ESVAGT to further expand its offshore wind service business, increase its financial flexibility and secure a competitive long-term cost of debt. 3i Investments serves as investment adviser to 3i Infrastructure.

Esbjerg-based ESVAGT offers emergency rescue and response vessels along with related services to the offshore wind sector in addition to the oil and gas industry. The company operates in and around the North Sea and the Barents Sea.

(EUR 1.0 = USD 1.198)

(DKK 1.0 = USD 0.161/EUR 0.134)

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