OFGEM Announcement on Rampion OFTO Investment
OFGEM ANNOUNCEMENT ON RAMPION OFTO INVESTMENT
29 September 2021
International Public Partnerships Limited ('INPP' or 'the Company'), the listed infrastructure investment company, notes that Ofgem, as anticipated, published a notice under Section 8A of the Electricity Act 1989 on 28 September 2021 relating to the Rampion Offshore Transmission project ('OFTO')[1]. 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.£40 million into the project upon financial close, anticipated to be in November 2021.
The project will be the Company's ninth OFTO investment and relates to the transmission cable connection to the offshore wind farm located 13km off the Sussex coast. The wind farm consists of 116 x 3.45MW wind turbine generators with an installed capacity of 400MW connected to the offshore substation platforms ('OSP') located within the boundaries of the Rampion wind farm.
This investment will further increase the Company's contribution to the UK's transition to a zero-carbon economy. The Rampion OFTO will transmit green electricity equivalent to around 350,000 UK homes, increasing the number of homes that are powered by the Company's OFTO portfolio to approximately 2.1 million 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').
As previously announced, the Company is also preferred bidder on East Anglia One OFTO.
ENDS.
For further information:
Erica Sibree/Amy Edwards +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 over 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 150 staff who are responsible for the management of, advice on and origination of infrastructure investments.
[1]Offshore electricity transmission owner licensed entity.
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