Portfolio Update

International Public Partnerships

15 October 2026

 

OFGEM ANNOUNCEMENT ON MORAY WEST OFTO INVESTMENT

15 October 2026

International Public Partnerships Limited, the listed infrastructure investment company ('the Company', 'INPP'), is pleased to announce that yesterday Ofgem published a notice setting out the proposed license and associated documentation for the Moray West Offshore Transmission project ('OFTO')[1]. This represents a key regulatory step towards financial close, anticipated in December 2026.

The Moray West OFTO relates to the offshore electricity transmission assets connecting to the Moray West wind farm located in the Moray Firth off the coast of Scotland.

INPP expects to invest c.£68 million into the project upon financial close, and this investment is expected to:

§ Generate double-digit, inflation-protected returns;

§ Reach financial close in December 2026;

§ Receive 23.5 years of availability-based revenues linked to UK Consumer Price Index;

§ Represent the Company's twelfth OFTO investment;

§ Further contribute to the UK's transition to net zero; and

§ Provide the renewable capacity to power the equivalent of c.1.3 million homes, increasing the total equivalent across the Company's OFTO portfolio to c.5.0 million homes.

This investment is expected to be funded using a combination of realisation proceeds, surplus cash and as previously highlighted, use of short-term corporate debt facilities to align with the timings of cash being received from the realisation activities.

As at 14 October 2026, the Company's £350 million corporate debt facility was c.£36 million drawn with c.£180 million committed by letters of credit, the majority of which is to support the Company's commitment to Sizewell C[2].

The Company has realised or committed to realise over £440 million across the portfolio since July 2023. All realisations have been made in line with, or above the relevant published NAV. During the same time period, the Company has announced its commitment to reinvest c.£480 million into investments with an average return in excess of 11%, including Moray West OFTO. This capital recycling has resulted in an uplift of more than 2% in returns for every pound of capital recycled.

ENDS.

For further information:

Erica Sibree                                                      [phone]

Amber Fund Management Limited                                             

Hugh Jonathan                                                  [phone]

Deutsche Numis           

Mitch Barltrop/ Dilip Kejriwal                              [phone]/ [phone]
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, New Zealand 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 in this capacity is responsible for investment origination, asset management and fund management of the Company.

Amber is part of Boyd Watterson Global Asset Management Group LLC, a global diversified infrastructure, real estate and fixed income business with over $39 billion in assets under management and over 300 employees with offices in eight US cities and presence in eleven countries (as at 30 June 2026).

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[1] Offshore electricity transmission owner licensed entity.

[2] As further equity injections into Sizewell C complete, this associated reduction in outstanding letters of credit will release additional headroom in the facility.

 

END