Ofgem Announcement on Westermost Rough Investment

RNS Number : 7159I

International Public Partnership Ld

10 December 2015

 

10 December 2015

Ofgem announcement on Westermost Rough offshore transmission cable investment

International Public Partnerships Limited ('INPP') notes that Ofgem has, as anticipated, today published a notice under Section 8A of the Electricity Act 1989 relating to the Westermost Rough OFTO project¹.  This is a key step towards reaching financial close on the investment that the Company expects to make in the project.  As previously reported the Company expects to invest around £27 million into the project upon financial close, anticipated to be in February 2016.

The project will be the Company's sixth OFTO investment and relates to the transmission cable connection to the Westermost Rough Offshore Wind Farm; one of the Crown Estate Round 2 projects and a joint venture between DONG Energy (50%) and its partners Marubeni Corporation (25%) and the UK Green Investment Bank (25%).  The Wind Farm is situated 8km off the Yorkshire Coast, north of Hull and contains 35 turbines of 6MW capacity, covering a total area of 35km2 and providing enough electricity to power around 150,000 UK homes. 

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).

Further details of the project will be announced at the time of the investment being made.

^[1] Offshore electricity transmission owner licensed entity. 

For further information:

Erica Sibree                                                    [phone]

Amber Fund Management Limited                                

Nick Westlake/Hugh Jonathan                            [phone]/1263

Numis Securities       

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

Notes to Editors:

About International Public Partnerships (INPP):

International Public Partnerships Limited (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods.

Listed in 2006, INPP is a long-term investor in 120 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport, renewable energy and waste water projects in the U.K., Europe, Australia and North America.  INPP seeks to provide its shareholders with both a long-term government-backed yield and capital growth through investment across both construction and operational phases of typically 20-40 year concessions.

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

 

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