Consortium Preferred Bidder for 7th OFTO Project

RNS Number : 5062X

International Public Partnership Ld

27 November 2017

 

TRANSMISSION CAPITAL PARTNERS CONSORTIUM AWARDED PREFERRED BIDDER FOR FURTHER OFFSHORE TRANSMISSION PROJECT

27 November 2017

-      CONSORTIUM AWARDED PREFERRED BIDDER FOR SEVENTH OFTO PROJECT -

International Public Partnerships Limited ('the Company', 'INPP'), the listed infrastructure investment company, is pleased that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure and Transmission Investment has been appointed as preferred bidder for the long-term license and operation of a further offshore transmission project.

The latest scheme, comprising the transmission cable connection to Dudgeon Offshore Wind Farm represents the seventh such project that Transmission Capital Partners has been appointed to, as preferred bidder.  The Company expects to invest c.£50 million, with financial close estimated in the second quarter of 2018.

The project relates to the transmission cable connection to the offshore wind farm located 32km off the coast of Cromer in North Norfolk.  The windfarm consists of 67 x 6MW wind turbine generators with an installed capacity of 402MW connected to the offshore substation platform (OSP) located within the boundaries of the Dudgeon wind farm.

The Company takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 20 years which is fully linked to UK inflation ('RPI').

The offshore wind farm connected by this transmission project is owned by affiliates of Statoil ASA (35%), Masdar (35%), and Statkraft AS (30%). 

Additional information on the project will be realised on financial close.

A copy of the Ofgem press release can be found at www.ofgem.gov.uk  

For further information:

Erica Sibree                                                                        [phone]

Amber Fund Management Limited                                                         

Hugh Jonathan                                                                  [phone]

Numis Securities            

Ed Berry/Mitch Barltrop                                                 [phone]/1039
FTI Consulting

Notes to Editors:

About International Public Partnerships:

International Public Partnerships ('INPP') is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships ('PPP'), regulated asset and other similar procurement methods.

Listed in 2006, INPP is a long-term investor in 127 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and utility and transmission projects in the UK, Europe, Australia and North America. 

INPP seeks to provide its shareholders with both a long-term yield and capital growth through investment across both construction and operational phases typically of 25-40 year concessions.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists over 100 dedicated staff who manage, advise on and originate investments for INPP.

Visit the INPP website at www.internationalpublicpartnerships.com for more information.

About Transmission Investment:

Transmission Investment is a leading developer and manager of electricity transmission systems in the UK. As part of the Transmission Capital Partners consortium Transmission Investment and Amber Infrastructure manage six offshore wind farm connections under the UK's offshore transmission owner ("OFTO") regime. Transmission Investment is also an experienced developer of interconnector projects currently developing the FAB interconnector project between Britain and France via Alderney.

 

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