Investment Adviser

InfraRed Capital Partners ('InfraRed') is the Investment Adviser to HICL. It is a leading global expert in the financing, development and management of infrastructure projects from their conception, design and construction into their long-term operating phases. The business has a track record which dates back over 25 years and a reputation for creating real value for its investors, project partners, communities and end users.

Members of InfraRed’s infrastructure team have responsibility for managing HICL's existing portfolio and for sourcing further infrastructure investments to protect capital and enhance returns for shareholders. This delegation of activities is performed within agreed parameters set by the Board which are regularly reviewed. The team consists of over 60 investment professionals. These personnel currently have on average 12 years of infrastructure or related industry experience, and possess a broad range of relevant skills, including private equity, structured finance, construction and facilities management.

InfraRed's headquarters are in London but it operates worldwide from five other offices. It manages approximately US$10bn of equity capital in multiple private and listed funds, for institutional and retail investors across the globe. One of these funds is another listed company advised by InfraRed – The Renewable Infrastructure Group (TRIG:LN). With over US$10bn of equity invested in over 200 infrastructure projects around the globe, InfraRed has a comprehensive understanding of the operational risks and the potential benefits to be derived from investing in the asset class.

 

Investment Committee

Seven senior InfraRed professionals comprise InfraRed's Investment Committee for HICL. This body reviews prospective new investments at various stages of the acquisition process and sanctions the final investment approval. The committee considers, inter alia, the suitability of the new investment in relation to the existing portfolio, its match with the Acquisition Strategy and the delegated parameters set by the Board, and the projected returns. It also carries ultimate responsibility for structuring and managing investments for the Company.

Their biographies are provided below.

Werner von Guionneau

Chief Executive Officer

Chris Gill

Deputy Chief Executive Officer

Ben Loomes

Head of Infrastructure

Tony Roper

Director

Keith Pickard

Director, Infrastructure

Harry Seekings

Director, Infrastructure

Stewart Orrell

Director, Asset Management

Strategy & Origination

Strategy & Origination comprises two key functions. Strategy is concerned with the identification of suitable markets for sourcing investment opportunities that are in line with HICL’s risk appetite and provide attractive risk-adjusted returns. This strategic overlay operates in tandem with the development of relationship networks within these markets, in order to target specific deals. Origination focuses on the day-to-day responsibility for investment due diligence and execution, including detailed financial, commercial and technical analysis of each transaction to examine project risk/returns, counterparties and asset quality.

Portfolio Management

Portfolio Management is concerned with the financial performance of the portfolio. Working closely with the Asset Managers, it seeks to: monitor the financial performance of each investment against internal targets and forecasts; consider the portfolio composition and mix with respect to achieving desired target returns within the agreed risk appetite; manage the investment cashflows; manage the processes and analysis which underpin the semi-annual valuation of the portfolio; ensure good financial management including forex hedging, efficient cash management and treasury processes.

Asset Management

Asset Management is focused on the successful management and operational performance of the investments at project level with a heavy focus on client engagement. Activities include: management oversight of each investment through the appointment of at least one director to each project company board; where the project involves the construction of new facilities, regular monitoring of progress to ensure successful delivery; pro-actively building and maintaining closer, open stakeholder relationships at project company level; facilitating early resolution of operational issues as they arise, including contractual disputes; and enhancing ESG initiatives in each project company, where appropriate.

Investor Relations

Investor Relations comprises capital raising, investor relations and the preparation of key investor communications. The team's main responsibility is to liaise with existing investors and related parties (e.g. analysts and other key external stakeholders) to ensure all their queries are dealt with accurately and in a timely manner; support fund raising activities; and coordinate overall communication activities for InfraRed and the Company, including website and media communication.

Risk, Compliance & Tax

Risk, Compliance & Tax has responsibility for maintaining and developing the risk management and compliance framework for InfraRed and the funds it manages and advises, including HICL. It also provides independent desk top credit opinions on all material counterparties - principally the supply chain in the context of HICL's investments - and the Company Secretariat function. From a tax perspective, the team works with the HICL transaction professionals on structuring, as well as tax due diligence and compliance matters.