Ofgem Announcement on Dudgeon OFTO Investment
Ofgem announcement on Dudgeon offshore transmission cable investment
28 August 2018
International Public Partnerships Limited ('INPP'), the listed infrastructure investment company, notes that Ofgem has, as anticipated, published last Friday a notice under Section 8A of the Electricity Act 1989 relating to the Dudgeon 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 c. £45 million into the project upon financial close, anticipated to be in October 2018.
The project will be the Company's seventh OFTO investment and relates to the transmission cable connection to the offshore wind farm located 32km off the coast of Cromer in North Norfolk. The windfarm consists of 67 x 6MW wind turbine generators, with an installed capacity of 402MW, connects to the offshore substation platform located within the boundaries of the Dudgeon wind farm and produces enough green, clean energy to power more than 410,000 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').
The offshore wind farm connected by this transmission project is owned by affiliates of Equinor ASA (35%), Masdar (35%), and China Resources (Holdings) (30%).
[1] Offshore electricity transmission owner licensed entity.
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):
International Public Partnerships ('INPP') is a listed infrastructure investment company which invests in global public infrastructure projects.
Listed in 2006, INPP is a long-term investor in 129 infrastructure projects, including schools, hospitals, courts, police headquarters, transport and utility and transmission projects in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth through investment across both construction and operational phases typically of 25-40 year concessions.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists over 100 dedicated staff who manage, advise on and originate investments for INPP.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
About Transmission Investment:
Transmission Investment is a leading developer and manager of electricity transmission systems in the UK. As part of the Transmission Capital Partners consortium Transmission Investment and Amber Infrastructure manage six offshore wind farm connections under the UK's offshore transmission owner ("OFTO") regime. Transmission Investment is also an experienced developer of interconnector projects currently developing the FAB interconnector project between Britain and France via Alderney.
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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