International Public Partnerships Ofgem announcement on East Anglia One OFTO (9982E)
02 Noviembre 2022 - 1:01AM
UK Regulatory
TIDMINPP
RNS Number : 9982E
International Public Partnerships
02 November 2022
OFGEM ANNOUNCEMENT ON EAST ANGLIA ONE OFTO INVESTMENT
2 November 2022
International Public Partnerships Limited ('INPP' or 'the
Company'), the listed infrastructure investment company, notes that
Ofgem, as anticipated, published a notice under Section 8A of the
Electricity Act 1989 on 1 November 2022 relating to the East Anglia
One Offshore Transmission project ('OFTO') [1] . This is a key step
towards reaching financial close on the investment that the Company
expects to make in the project. The Company expects to invest
c.GBP105 million into the project upon financial close, anticipated
to be in December 2022.
The project will be the Company's tenth OFTO investment and
relates to the transmission cable connection to the offshore wind
farm located c.50km off the coast of Suffolk. The wind farm
consists of 102 x 7MW wind turbine generators with an installed
capacity of 714MW connected to the offshore substation platforms
('OSP') located within the boundaries of theEast Anglia One wind
farm.
This investment will further increase the Company's contribution
to the UK's transition to a net zero carbon economy. The East
Anglia One OFTO has the capacity to transmit enough renewable
electricity to power the equivalent of over 600k homes, increasing
the total equivalent across the Company's OFTO portfolio to c.2.7
million homes.
The Company takes no exposure to electricity production or price
risk but is paid a pre-agreed, availability-based revenue stream
over 21.5 years which is linked to UK inflation (as measured by the
Retail Price Index).
As previously announced, the Company is also preferred bidder on
Moray East OFTO.
ENDS.
For further information:
Erica Sibree/Amy Edwards +44 (0) 7557 676 499 / (0) 7827 238
355
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 7703 330 199 / (0) 7807 296
032
FTI Consulting
About International Public Partnerships (INPP):
INPP is a listed infrastructure investment company that invests
responsibly 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 140
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 growing dividends and the potential for capital
appreciation.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists of over 160 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
[1] Offshore electricity transmission owner licensed entity.
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END
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