BUSINESS-ECONOMY
The CKI-led group will pay about £350 million ($450 million) for the assets, a statement Wednesday confirmed an earlier Bloomberg News report, including 32 operating onshore wind farms located in England, Scotland, and Wales. A CK Infrastructure Holdings-led consortium has agreed to buy a portfolio of UK wind farms from the asset management arm of Aviva Plc, as the conglomerate backed by Hong Kong tycoon Victor Li considers London among second listing venues. The CKI-led group will pay about £350 million ($450 million) for the assets, a statement Wednesday confirmed an earlier Bloomberg News report, including 32 operating onshore wind farms located in England, Scotland, and Wales. According to a statement, the deal involves Aviva Investors-owned assets with an installed capacity of 175 megawatts and a net attributable capacity of 137 megawatts. It will bring immediate returns through stable cash flows and recurring profit contributions. Also part of the consortium were CK Asset Holdings Ltd. and Power Assets Holdings Ltd., holding 40 per cent and 20 per cent interests in the portfolio, respectively, according to the statement. The deal is likely to be completed before the end of September. The CKI-led group was advised by Barclays Plc, while Aviva Investors was advised by Credit Agricole SA's corporate and investment banking arm. CKI shares plunged by as much as 2.1 per cent to HK$55.55 in Hong Kong on Wednesday. The shares have gained nearly 31 per cent this year. The Hong Kong-based conglomerate has been doing this while generally expanding its footprint in the UK, which is part of its plans to grow in the renewable assets sector. This represents the third infrastructure investment CKI has made this year after buying Phoenix Energy and Powerlink Renewable Assets – formerly UU Solar. CKI is considering a secondary listing on an overseas stock exchange, such as London's, which may make it the first company to benefit under new listing rules in the British capital. An additional listing of CKI would "provide a greater market" for trading in its shares, the company said in a statement last month. A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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