International Public Partnership Ld Westermost Rough OFTO Financial Close (1072O)
February 04 2016 - 7:10AM
UK Regulatory
TIDMINPP
RNS Number : 1072O
International Public Partnership Ld
04 February 2016
4 February 2016
Transmission Capital Partners reaches financial close on
westermost rough Offshore Transmission Project
International Public Partnerships Limited, the listed
infrastructure investment company ("the Company", "INPP") has
announced that Transmission Capital Partners, the consortium
comprising INPP, Amber Infrastructure and Transmission Investment
("the Consortium") has reached financial close for the long-term
license and operation of its sixth UK offshore transmission
project, Westermost Rough (the "OFTO").
The Company will make a GBP27 million investment for 100% of the
equity and subordinated debt of the OFTO. The investment will be
funded through cash raised by the Company from its highly
successful capital raising at the end of 2015, with the senior debt
for the project of GBP155 million being jointly provided by the
European Investment Bank and Aviva. Following the investment the
Company will have c.GBP24 million of cash available for investment
(although this is earmarked to meet the Company's deferred
investment obligations, including those to the Thames Tideway
Tunnel project where the Company's investment is being made in
stages). The Company currently also has a nil drawn balance on its
corporate debt facility.
The OFTO will connect a windfarm containing 356MW turbines
located 8km off the coast of Yorkshire to the onshore grid network,
providing enough electricity to power around 150,000 UK homes.
The key investment highlights include:
-- An operational and immediately yielding asset with no
construction or refinancing risk - Westermost Rough OFTO is
currently operational under the ownership of DONG Energy A/S,
Marubeni Corporation and the UK Green Investment Bank, the owners
of the wind farm to which the OFTO is connected
-- INPP will benefit from a 20-year availability-based revenue
stream with protected downside whereby potential deductions will be
capped at 10% of base revenue in any year
-- The returns generated from the Company's investment are fully
linked to UK RPI and are not subject to any revenue or penalty
exposure to windfarm performance or credit
-- Revenues are contracted by a subsidiary of National Grid, the
National Grid Electricity Transmission plc (NGET) in their
statutory ring-fenced role as national electricity systems operator
(NGET rated 'A-' S&P; 'A' Fitch)
Rupert Dorey, Chairman of International Public Partnerships
said: "Westermost Rough is the sixth OFTO in which INPP has
invested, cementing the Company and its consortium's leading role
in the offshore electricity transmission sector. It is a testament
to our ability to source attractive investment opportunities such
as these that reflects our favourable position in the UK
infrastructure market. Where appropriate, we look forward to
enhancing our portfolio's stake in UK electricity transmission,
generating durable, low-risk and inflation-linked returns for our
investors."
A copy of the Ofgem press release can be found at
https://www.ofgem.gov.uk/news-media/latest-news-press-releases.
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 121 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport, renewable energy and waste
water projects in the U.K., Europe, Australia and North America.
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 typically 20-40
year concessions.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
About Amber Infrastructure Group:
Amber Infrastructure (Amber) is a leading international
infrastructure specialist, providing asset management and
investment advisory services in respect of over GBP5 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,
accommodation, 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 Edinburgh, Munich, Sydney, Melbourne and San Francisco and
employs over 80 people, making it one of the largest international
infrastructure specialists.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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