3i Infrastructure has updated the market with its recent progress. See below the main facts:

Sale of Alpha Schools (Highland) to HICL Infrastructure

On 22 March 2013, 3i Infrastructure sold its 50% holding in Alpha Schools (Highland) Holdings Limited to HICL Infrastructure. The sale  generated gross proceeds of £21.2 million, representing a premium to the Company's most recent valuation for the investment of £19.4 million (at 30 September 2012). Alpha Schools, a concession company under a PFI contract to build, operate and maintain 11 new schools in Scotland, was part of the initial portfolio seeded into the Company at its IPO in 2007.

Income from loans

3i Infrastructure received proceeds of £6.6 million from Eversholt Rail Group and of £0.2 million from Elgin following the partial repayment of their shareholder loans, bringing total divestment proceeds received in the period to £28.0 million.

Investment in Dalmore Capital fund3i Infrastructure invested a total of £16.8 million in the period. The Company committed £15 million to the Dalmore Capital Fund in October 2012, of which £11.9 million was drawn in two tranches, in October 2012 and in January 2013.

Investment in Supreme Infrastructure India

In addition, in July 2012 the Company invested £4.9 million in a portfolio of road BOT companies of Supreme Infrastructure India Limited through the 3i India Infrastructure Fund.

Progress in Thameslink transaction

During the period, 3i Infrastructure continued to make progress in the execution of the Thameslink transaction with the XLT consortium partners. The Board expects this transaction to achieve a financial close in the spring.

European PortfolioThe Company's European portfolio underperformed compared to last year. The portfolio generated income of £72.0 million in the period, against £73.1 million in the year to 31 March 2012.

On 26 March 2013, the Company entered into binding agreements for the refinancing of the acquisition debt facility in Oystercatcher, the holding company through which 3i Infrastructure holds a 45% stake in three subsidiaries of Oiltanking GmbH.

Difficulties for 3i India Infrastructure Fund

The valuation of the Company's holding in the 3i India Infrastructure Fund will be influenced by the share price of Adani Power Limited, foreign exchange fluctuations and fuel supply issues. Adani Power's share price has decreased by 26% so far in the second half of the financial year which, including exchange movements, represents a further £4.8 million reduction in value compared to the position at 30 September 2012.