Consortium awarded preferred bidder - OFTO project
CONSORTIUM AWARDED PREFERRED BIDDER - OFTO PROJECT
18 December 2019
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 ('OFTO').
The latest scheme, comprising the transmission cable connection to Beatrice Offshore Wind Farm represents the ninth such project that Transmission Capital Partners has been appointed to, as preferred bidder. The Company expects to invest up to £60 million, with financial close to occur later in 2020.
The project relates to the transmission cable connection to the offshore wind farm located in the Outer Moray Firth, 13.5km off the Caithness coastline in Scotland. The wind farm consists of 84 x 7MW wind turbine generators with an installed capacity of 588MW connected to two offshore substation platforms (OSP) located within the boundaries of the Beatrice wind farm. It is Scotland's largest offshore wind farm.
This investment will increase the Company's contribution to the UK's transition to a zero carbon economy. The Beatrice OFTO will transmit green electricity equivalent to around 450,000 UK homes, increasing the number of homes that are powered by the Company's OFTO portfolio to approximately 2 million homes.
The Company takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 23 years which is fully linked to UK inflation ('RPI').
The offshore wind farm connected by this transmission project is owned by SSE Renewables (40%), Copenhagen Infrastructure Partners (35%) and SDIC Power (25%).
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.
ENDS.
For further information:
Erica Sibree/Amy Joslin +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
About International Public Partnerships ('INPP'):
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 over 125 staff who are responsible for the management of, advice on and origination of infrastructure investments.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
Important information
This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.
This announcement is an advertisement. It does not constitute a prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor.
Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These forward-looking statements speak only as at the date of this announcement. The Company, Amber and Numis Securities expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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