International Public Partnerships Regulatory News (INPP)

4 February 2016

Transmission Capital Partners reaches financial close on westermost rough Offshore Transmission Project

International Public Partnerships Limited, the listed infrastructure investment company ("the Company", "INPP") has announced that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure and Transmission Investment ("the Consortium") has reached financial close for the long-term license and operation of its sixth UK offshore transmission project, Westermost Rough (the "OFTO").

The Company will make a £27 million investment for 100% of the equity and subordinated debt of the OFTO. The investment will be funded through cash raised by the Company from its highly successful capital raising at the end of 2015, with the senior debt for the project of £155 million being jointly provided by the European Investment Bank and Aviva. Following the investment the Company will have c.£24 million of cash available for investment (although this is earmarked to meet the Company's deferred investment obligations, including those to the Thames Tideway Tunnel project where the Company's investment is being made in stages). The Company currently also has a nil drawn balance on its corporate debt facility.

The OFTO will connect a windfarm containing 356MW turbines located 8km off the coast of Yorkshire to the onshore grid network, providing enough electricity to power around 150,000 UK homes.

The key investment highlights include:

· An operational and immediately yielding asset with no construction or refinancing risk - Westermost Rough OFTO is currently operational under the ownership of DONG Energy A/S, Marubeni Corporation and the UK Green Investment Bank, the owners of the wind farm to which the OFTO is connected

· INPP will benefit from a 20-year availability-based revenue stream with protected downside whereby potential deductions will be capped at 10% of base revenue in any year

· The returns generated from the Company's investment are fully linked to UK RPI and are not subject to any revenue or penalty exposure to windfarm performance or credit

· Revenues are contracted by a subsidiary of National Grid, the National Grid Electricity Transmission plc (NGET) in their statutory ring-fenced role as national electricity systems operator (NGET rated 'A-' S&P; 'A' Fitch)

Rupert Dorey, Chairman of International Public Partnerships said: "Westermost Rough is the sixth OFTO in which INPP has invested, cementing the Company and its consortium's leading role in the offshore electricity transmission sector. It is a testament to our ability to source attractive investment opportunities such as these that reflects our favourable position in the UK infrastructure market. Where appropriate, we look forward to enhancing our portfolio's stake in UK electricity transmission, generating durable, low-risk and inflation-linked returns for our investors."

A copy of the Ofgem press release can be found at https://www.ofgem.gov.uk/news-media/latest-news-press-releases.

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:

International Public Partnerships Limited (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods.

Listed in 2006, INPP is a long-term investor in 121 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport, renewable energy and waste water projects in the U.K., Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term government-backed yield and capital growth through investment across both construction and operational phases of typically 20-40 year concessions.

Visit the INPP website at www.internationalpublicpartnerships.com for more information.

About Amber Infrastructure Group:  

Amber Infrastructure (Amber) is a leading international infrastructure specialist, providing asset management and investment advisory services in respect of over £5 billion of assets in the UK, Europe, Australia and North America. Amber's core business focuses on sourcing, developing, advising on, investing in and managing infrastructure assets within the utilities, PPP, accommodation, transport, renewable energy and regeneration sectors.

Amber provides investment advisory services to International Public PartnershipsLimited as well as private investment funds, specialising in urban regeneration. Amber is headquartered in London with offices in Edinburgh, Munich, Sydney, Melbourne and San Francisco and employs over 80 people, making it one of the largest international infrastructure specialists.