International Public Partnerships Financial Close on Rampion OFTO (4564S)
16 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMINPP
RNS Number : 4564S
International Public Partnerships
16 November 2021
INPP reaches financial close on RAMPION Offshore Transmission
Project
16 November 2021
International Public Partnerships Limited, the listed
infrastructure investment company ('the Company', 'INPP') has
announced that Transmission Capital Partners, the consortium
comprising INPP, Amber Infrastructure Group and Transmission
Investment ('the Consortium'), has successfully reached financial
close for the long-term ownership and operation of the transmission
link to the 400MW Rampion offshore wind farm (the 'OFTO').
The project will be the Company's nineth OFTO investment and
relates to the transmission cable connection to the offshore wind
farm located approximately 13km off the Sussex coast. The wind farm
consists of 116 x 3.45MW wind turbine generators connected to an
offshore substation platform ('OSP') located within the boundaries
of the Rampion wind farm.
This investment will increase the Company's contribution to the
UK's transition to a zero-carbon economy. The Rampion OFTO has the
ability to transmit green electricity equivalent to around 350,000
UK homes, increasing the number of homes that could be powered via
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').
The Company will make a c.GBP35 million investment for 100% of
the equity and subordinated debt in TC Rampion OFTO Ltd. Project
level senior debt will be provided by a group of banks to match the
maturity of the OFTO revenue period such that there is no
refinancing risk.
Other key investment highlights include:
-- An operational and immediately yielding asset with no construction or refinancing risk;
-- INPP will benefit from a 20-year availability-based revenue
stream with protected downside whereby maximum potential deductions
will be capped at 10% of base revenue in any year;
-- The operations and maintenance of the OFTO assets will be
subcontracted to a set of specialist contractors incentivised to
maximise availability of the transmission assets;
-- The returns generated from the Company's investment are
highly correlated to UK RPI and are not subject to any revenue or
penalty exposure to windfarm performance; and
-- Revenues are contracted by a subsidiary of National Grid, the
National Grid Electricity System Operator (NGESO rated Baa1
Moody's) in their statutory ring-fenced role as electricity systems
operator ('ESO').
The investment has been funded through the Company's GBP250
million revolving credit facility, which following the Rampion OFTO
investment, will be GBP108 million net drawn. The Company notes
that it is also preferred bidder on East Anglia One OFTO, with a
committed investment of c.GBP90 million.
Mike Gerrard, Chair of International Public Partnerships said:
"We are proud to report that our portfolio of OFTO investments,
following the completion of our nineth OFTO, helps provide over two
million UK households with clean energy helping the UK achieve net
zero. In addition, the long-term, inflation-linked revenue that
these investments deliver is consistent with the Company's
investment objectives and demonstrates its ability to continue
originating a strong pipeline of investment."
A copy of the Ofgem press release can be found at
https://www.ofgem.gov.uk/news-media/latest-news-press-releases
.
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 over 150 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
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END
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