Preferred Bidder for Further OFTO Project
15 May 2015
Transmission Capital Partners Consortium Awarded PREFERRED BIDDER FOR Further
Offshore Transmission Project
- Consortium awarded preferred bidder for sixth OFTO project -
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.
The latest scheme, comprising the transmission cable connection to Westermost Rough Offshore Wind Farm represents the sixth such project that Transmission Capital Partners has been appointed to, as preferred bidder. The Company expects to invest around c.£30 million upon financial close, estimated in the fourth quarter of 2015.
The project relates to the transmission cable connection to the offshore wind farm located in the North Sea off the coast of Yorkshire, the wind farm has 35 wind turbines capable of producing a total 205 megawatts (MW) of electricity. 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 consortium remains shortlisted for a further offshore transmission project (Humber Gateway) which is expected to be awarded by Ofgem later this year.
Rupert Dorey, Chairman of International Public Partnership said: "I'm delighted that the consortium's leading position in the OFTO sector has been further enhanced by being selected Preferred Bidder for this sixth project. We believe that these assets are some of the most attractive in the UK market and are pleased to be able to make this further investment."
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 Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
Notes to Editors:
About International Public Partnerships:
International Public Partnerships Limited (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods.
Listed in 2006, INPP is a long-term investor in 116 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 20-40 year concessions.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
About Amber Infrastructure Group:
Amber Infrastructure Group (Amber) is a leading international infrastructure specialist, providing asset management and investment advisory services in respect of over £5 billion of assets in the UK, Europe, Australia and North America. Amber's core business focuses on sourcing, developing, advising on, investing in and managing infrastructure assets within the utilities, PPP, transport, renewable energy and regeneration sectors.
Amber provides investment advisory services to International Public Partnerships
Limited as well as private investment funds, specialising in urban regeneration. Amber is headquartered in London with offices in Munich, Sydney, Melbourne and San Francisco and employs over 80 people, making it one of the largest
international infrastructure specialists.
About Transmission Investment:
Transmission Investment was established in 2008 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 100 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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