Transaction Overview
3i Infrastructure plc announced that it received €1.1 billion in proceeds from the sale of TCR, which was completed on 17 June 2026. The proceeds were used to repay its £900 million revolving credit facility (RCF) in full, delivering a gross annual internal rate of return of approximately 19 % over the life of the investment.
Liquidity and Dividend Impact
Following the repayment, the company cancelled the £300 million accordion feature under the RCF and, as of 30 June 2026, reported no drawdowns on the facility. It also disclosed that a final dividend of £62 million is payable on 10 July 2026, subject to approval at the Annual General Meeting. After accounting for the dividend and the completion of a €300 million investment in the Lefdal Mine Datacenter campus in Norway, 3i estimates its net cash position at £107 million.
Investment Activity
The firm is on track to complete a new investment in the Lefdal Mine Datacenter campus, amounting to approximately €300 million for a majority stake. During the quarter, its investment adviser acquired an additional 23 % stake in Lefdal Mine from a minority investor at the same price as the earlier investment, giving 3i control of about 90 % of the equity and board representation.
Portfolio Company Updates
Tampnet successfully refinanced its debt facilities through a multi‑currency, multi‑tenor package totaling 5.8 billion Norwegian krone (approximately £450 million). Infinis progressed construction and added a further 230 MW of consented solar development. Tampnet was awarded new connectivity contracts for two additional platforms in the Gulf of Mexico. The company noted that most portfolio companies are trading in line with or ahead of expectations.
Dividend Outlook and Management Commentary
The final dividend for the 2026 financial year is scheduled for 10 July, and the company confirmed it is on track to meet its 2027 dividend target, which represents a 6.3 % increase over the 2026 dividend and is expected to be covered by net income. Bernardo Sottomayor, Managing Partner and Head of European Infrastructure at 3i Investments plc, said the firm has made a strong start to the new financial year, highlighting the sale of TCR as crystallising exceptional value and transforming the company’s liquidity profile.