Ofgem announcement on East Anglia One OFTO

RNS Number : 9982E

International Public Partnerships

02 November 2022

 

OFGEM ANNOUNCEMENT ON EAST ANGLIA ONE OFTO INVESTMENT

2 November 2022

International Public Partnerships Limited ('INPP' or 'the Company'), the listed infrastructure investment company, notes that Ofgem, as anticipated, published a notice under Section 8A of the Electricity Act 1989 on 1 November 2022 relating to the East Anglia One Offshore Transmission project ('OFTO')[1]. This is a key step towards reaching financial close on the investment that the Company expects to make in the project. The Company expects to invest c.£105 million into the project upon financial close, anticipated to be in December 2022.

The project will be the Company's tenth OFTO investment and relates to the transmission cable connection to the offshore wind farm located c.50km off the coast of Suffolk. The wind farm consists of 102 x 7MW wind turbine generators with an installed capacity of 714MW connected to the offshore substation platforms ('OSP') located within the boundaries of theEast Anglia One wind farm.

This investment will further increase the Company's contribution to the UK's transition to a net zero carbon economy. The East Anglia One OFTO has the capacity to transmit enough renewable electricity to power the equivalent of over 600k homes, increasing the total equivalent across the Company's OFTO portfolio to c.2.7 million homes.

The Company takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 21.5 years which is linked to UK inflation (as measured by the Retail Price Index).

As previously announced, the Company is also preferred bidder on Moray East OFTO.

ENDS.

For further information:

Erica Sibree/Amy Edwards  [phone] / (0) 7827 238 355

Amber Fund Management Limited   

Hugh Jonathan                                                               [phone]

Numis Securities  

Ed Berry/Mitch Barltrop                                               [phone] / (0) 7807 296 032
FTI Consulting

About International Public Partnerships (INPP):

INPP is a listed infrastructure investment company that invests responsibly in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in over 140 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both growing dividends and the potential for capital appreciation.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of over 160 staff who are responsible for the management of, advice on and origination of infrastructure investments.

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[1] Offshore electricity transmission owner licensed entity.

 

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