3i Infrastructure plc said it applied the €1.1 billion proceeds from the sale of TCR, completed on June 17, to repay its Revolving Credit Facility in full. The London-listed infrastructure investment vehicle reported the sale produced a gross annual internal rate of return of approximately 19% across the life of the investment.
Following receipt of the TCR proceeds, the company moved to cancel £100 million of the accordion feature attached to its Revolving Credit Facility. By June 30 the group had no drawings on the £900 million facility.
The headline liquidity position will be altered by imminent commitments. Subject to approval at the company’s Annual General Meeting, a final dividend of £62 million is scheduled for payment on July 10. After taking into account the expected completion of the company’s investment in the Lefdal Mine Datacenter campus and the proposed dividend payment, 3i Infrastructure estimated a net cash position of £107 million.
On cash flow, the company said total income and non-income cash for the quarter was in line with expectations.
3i Infrastructure remains on track to complete a new investment in the Lefdal Mine Datacenter campus in Norway this summer. The transaction involves an approximate €300 million commitment to secure a majority stake in the campus.
During the period the company’s investment adviser agreed to buy a further 23% stake in Lefdal Mine Datacenter from a minority investor, at the same price as the previously announced 3i Infrastructure investment. As a result, the company said it will be managing 90% of the equity in the business, including control over the board.
Elsewhere across the portfolio, Tampnet completed a refinancing of its debt facilities with a multi-currency, multi-tenor package totalling 5.8 billion Norwegian krone, equivalent to roughly £450 million. The company said portfolio businesses made a solid start to the financial year, with most trading in line with or ahead of expectations.
Specific portfolio developments during the period included construction progress at Infinis, coupled with the addition of a further 230 megawatts of consented solar development. Tampnet also secured new connectivity contracts for two additional platforms in the Gulf of Mexico.
Looking ahead to capital returns, payment of the final dividend for the 2026 financial year is due on July 10, subject to shareholder approval. The company signalled it is on course to meet its 2027 dividend target, which represents a 6.3% increase from the 2026 financial year and is expected to be covered by net income.
"We have made a strong start to the new financial year. Our high-quality portfolio is performing well overall, with most companies trading in line with or ahead of expectations, and we have completed the sale of TCR, crystallising exceptional value and transforming the Company’s liquidity," Bernardo Sottomayor, Managing Partner and Head of European Infrastructure at 3i Investments plc, the company’s investment adviser, said in a statement.
The combination of the TCR sale, the planned Lefdal investment and the declared dividend sets out the company’s immediate liquidity path while preserving its stated dividend ambitions and portfolio commitments.
Summary of material figures and events cited
- €1.1 billion proceeds from TCR sale, completed on June 17.
- Gross annual internal rate of return from the sale of approximately 19%.
- Cancellation of £100 million of the accordion feature under the Revolving Credit Facility.
- No drawings on the £900 million Revolving Credit Facility as of June 30.
- Planned final dividend of £62 million payable July 10, subject to AGM approval.
- Estimated net cash position of £107 million after adjustment for the Lefdal investment and dividend.
- Planned Lefdal Mine Datacenter investment of approximately €300 million for a majority stake; adviser to acquire an additional 23% stake at same price as 3i’s investment.
- Tampnet refinancing totalling 5.8 billion Norwegian krone, about £450 million.
- Infinis added 230 megawatts of consented solar development during the period.
- Tampnet awarded connectivity contracts for two additional Gulf of Mexico platforms.