Consortium wins fifth OFTO project
10 May 2012
Transmission Capital Partners Consortium Awarded Further
Offshore Transmission Project
- Consortium wins fifth OFTO project -
International Public Partnerships Limited (INPP), the listed infrastructure investment company, is pleased to announce that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure and Drapers Gardens 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 Lincs Offshore Wind Farm, is the first project in the second round of tenders to be awarded by Ofgem and it represents the fifth such project that Transmission Capital Partners has been appointed to, as preferred bidder.
The project relates to the transmission cable connection to the offshore wind farm located approximately 8km off the Lincolnshire coast near Skegness, which has 75 turbines and a total installed capacity of 270MW.
The five offshore transmission projects now awarded to Transmission Capital Partners have an aggregate total investment cost of approximately £525 million (including approximately £282 million for Lincs) and comprise onshore/offshore substations and under-sea cables connecting the mainland electricity grid network to the offshore wind farms. The revenue term for each project is a minimum 20 years and is fully indexed to UK RPI. Further financial information will be available following financial close.
The consortium remains shortlisted for a further two offshore transmission projects (London Array Phase 1 and Gwynt y Mor) in the second transitional tender round, which are expected to be awarded by Ofgem later this year.
Further concessions are expected to be developed as the offshore generation industry expands with a total development value of up to £14bn expected over the next 8 years.
Giles Frost, Director of Amber, said: "I'm delighted that the consortium's leading position and renewed commitment and focus on this growing part of the renewable energy market has been further underlined with the award of its fifth OFTO project".
A copy of the Ofgem press release can be found at www.ofgem.gov.uk
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Gascoigne-Pees/Ed Berry +44 (0)20 7269 7132/7297
FTI Consulting
Notes to Editors:
About International Public Partnerships (INPP):
International Public Partnerships (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP), private finance initiative (PFI) and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 117 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and renewable energy projects in the U.K., Europe, Australia and Canada. 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 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists of more than 60 dedicated infrastructure specialists which originate and source a strong pipeline of projects for INPP.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
About Transmission Capital Partners:
Transmission Capital Partners was established in 2008 as a joint venture between Amber Infrastructure Group and Drapers Gardens LLP to procure, construct, own and operate transmission assets, initially those in the UK being tendered through the new offshore transmission regulatory regime being overseen by Ofgem. It also provides transmission development advisory services to electricity industry stakeholders, including many offshore wind developers. The senior management team has over 70 years experience in the UK electricity supply industry, the majority of which has been focussed on the development, procurement and construction of major offshore transmission and wind projects.
This information is provided by RNS
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