Consortium awarded preferred bidder - OFTO projectSource: RNS
CONSORTIUM AWARDED PREFERRED BIDDER - OFTO PROJECT
22 December 2020
International Public Partnerships Limited ('the Company', 'INPP'), the listed infrastructure investment company, is pleased to announce 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 ('OFTO').
The latest scheme, comprising the transmission cable connection to East Anglia One Offshore Wind Farm represents the tenth such project that Transmission Capital Partners has been appointed to, as preferred bidder. The Company expects to invest up to £90 million into East Anglia One OFTO, with financial close estimated in the second half of 2021.
This investment commitment is in addition to the Company's extremely strong near term OFTO pipeline where it has already been appointed preferred bidder on Rampion and Beatrice OFTOs, representing additional investment commitments of up to £100 million. These OFTOs are also expected to reach financial close during the course of 2021.
The East Anglia One offshore windfarm is located c.50km off the coast of Suffolk. East Anglia One has an installed capacity of 714MW providing enough green energy to power over 630,000 homes, thereby increasing the number of homes that are powered by the Company's OFTO portfolio to over two 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 years which is fully linked to UK inflation ('RPI').
The offshore wind farm connected by this transmission project is, as at the time of the bid submission, jointly owned by Scottish Power Renewable (UK) Limited (60%) and Bilbao Offshore Holding Limited (40%) (part of the Green Investment Group).
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/Amy Edwards +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
About International Public Partnerships:
INPP is a listed infrastructure investment company that invests 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 130 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 a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of 130 staff who are responsible for the management of, advice on and origination of infrastructure investments.