3i fund goes for green energy investments
New green energy projects are the target for infrastucture investments from 3i.
The group's separately-quoted 3i Infrastructure fund said today it has raised a further £115m to pump into what is reckoned to be the arch-defensive sector at a time of financial market turbulence.
3i Infrastructure said the £613m it has currently invested — around 88% of the amount raised at float in 2007 — holds stakes in mature assets like part of 3i's interest in Anglian Water, as well as investing in new power stations and roads in India.
However, managing partner Michael McQueen signalled the new money would be directed at alternative energy projects in the US and Europe.
The fund today reported a first-year return of 13.1% on its investments and a dividend of 5p for the year to 31 March.
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