BBGI Global Infrastructure SA said on Monday it has further diversified its portfolio with an investment in a hydroelectric power station on Vancouver Island in British Columbia.

The Luxembourg-based investor completed an investment of C$41 million, around £24 million, into InPower BC General Partnership, the entity delivering the John Hart generating station replacement project. The investment was made via its strategic partnership with SNC-Lavalin Group Inc. It was funded from its existing cash reserves and a £230 million revolving credit facility.

The John Hart generating station is a public-private partnership project, which entails the design, construction, financing, maintenance and rehabilitation of a new-three turbine, 132-megawatt hydroelectric power station on the Campbell River, on the east coast of Vancouver Island. The award-winning station generates clean energy for 80,000 homes, having started operations in 2019, with the operating concession running until 2033.

Availability payments will come from British Columbia Hydro & Power Authority, a government-owned crown corporation. BBGI’s current portfolio is 100% availability-based assets, spanning 55 infrastructure investments in North America, the UK, Europe, and Australia.

BBGI’s share price was up 0.5% to 171.70 pence each in London on Monday morning.

Co-Chief Executive Officers Duncan Ball and Frank Schramm commented: ‘We are delighted to complete this high-quality availability-based infrastructure investment with strong ESG credentials. Our strategy is to remain disciplined and selective in our approach to acquisition opportunities by only investing in availability-based assets that also align with our ESG principles, and not in higher risk infrastructure asset classes.’

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