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18 Sep 2014 11:07
18 September 2014
Ofgem announcement on Lincs offshore transmission cable investment
International Public Partnerships Limited ('INPP') notes that Ofgem has, as anticipated, today published a notice under Section 8A of the Electricity Act 1989 relating to the Lincs OFTO project1. This is a key step towards reaching financial close on the investment that the Company expects to make in the project. This investment is now expected to be made in November 2014 and would be the Company's fifth OFTO project.
Transmission Capital Partners (a consortium including INPP and its Investment Adviser Amber Infrastructure) expects to invest approximately £170 million in the project which links the 270MW Lincolnshire wind farm to the National Grid via 100km of subsea cables and other related infrastructure including substations. INPP will take no exposure to electricity production or price risk, and will be paid via a pre-agreed, availability-based revenue stream over 20 years which is fully linked to UK inflation (RPI).
Further details of the project will be announced at the time of the investment being made.
1 Offshore electricity transmission owner licensed entity.
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 1046/1039FTI Consulting
Notes to Editors:
About International Public Partnerships (INPP):
International Public Partnerships (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP), private finance initiative (PFI), regulated asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 115 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and utility and transmission projects in the U.K., Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term yield and capital growth through investment across both construction and operational phases of 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists over 75 dedicated staff who manage, advise on and originate projects for INPP.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
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