(Alliance News) - International Public Partnerships Ltd on Thursday said that engagement by UK energy regulator Ofgem regarding the Beatrice offshore transmission project is a "key step" toward closing the infrastructure investment company's investment in the project.
International PPL expects to invest GBP50 million into the offshore transmission project, which concerns the connecting of transmission cables at the Beatrice offshore wind farm in the Outer Moray Firth, in Scotland.
Financial close is now expected in July, and will mark the eighth offshore transmission project investment the company has made.
The wind farm consists of 84 seven megawatt wind turbine generators with an installed capacity of 588 megawatts connected to two offshore substation platforms located within the boundaries of the Beatrice wind farm. It is Scotland's largest offshore wind farm, INPP said.
This investment will increase the company's contribution to the UK's transition to a zero-carbon economy. The Beatrice project will transmit green electricity equivalent to around 450,000 UK homes, increasing the number of homes that are powered by the company's offshore transmission project portfolio to approximately 1.8 million homes.
The company has a "strong near-term" offshore transmission project pipeline, being preferred bidder on Rampion and East Anglia One offshore transmission projects, which represent around GBP135 million in additional investments.
International PPL shares were up 0.3% at 170.13 pence each in London on Thursday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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International Public Partnerships (INPP)