International Public Partnerships Consortium awarded preferred bidder - OFTO project (3541X)
December 18 2019 - 7:04AM
UK Regulatory
TIDMINPP
RNS Number : 3541X
International Public Partnerships
18 December 2019
CONSORTIUM AWARDED PREFERRED BIDDER - OFTO PROJECT
18 December 2019
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 ('OFTO').
The latest scheme, comprising the transmission cable connection
to Beatrice Offshore Wind Farm represents the ninth such project
that Transmission Capital Partners has been appointed to, as
preferred bidder. The Company expects to invest up to GBP60
million, with financial close to occur later in 2020.
The project relates to the transmission cable connection to the
offshore wind farm located in the Outer Moray Firth, 13.5km off the
Caithness coastline in Scotland. The wind farm consists of 84 x 7MW
wind turbine generators with an installed capacity of 588MW
connected to two offshore substation platforms (OSP) located within
the boundaries of the Beatrice wind farm. It is Scotland's largest
offshore wind farm.
This investment will increase the Company's contribution to the
UK's transition to a zero carbon economy. The Beatrice OFTO will
transmit green electricity equivalent to around 450,000 UK homes,
increasing the number of homes that are powered by the Company's
OFTO portfolio to approximately 2 million homes.
The Company takes no exposure to electricity production or price
risk but is paid a pre-agreed, availability-based revenue stream
over 23 years which is fully linked to UK inflation ('RPI').
The offshore wind farm connected by this transmission project is
owned by SSE Renewables (40%), Copenhagen Infrastructure Partners
(35%) and SDIC Power (25%).
Additional information on the project will be realised on
financial close.
A copy of the Ofgem press release can be found at
www.ofgem.gov.uk.
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'):
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 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 over 125 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
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.
END
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