REG - Gwynt y Mor OFTO PLC - SSEC3 cable update

Balfour BeattyAnnouncement

20/12/2023 16:30

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RNS Number : 5115X  Gwynt y Mor OFTO plc  20 December 2023

20 December 2023

 

 

GWYNT Y MOR OFTO PLC GBP 339,215,000 2.778 PER CENT. SECURED BONDS DUE FEB
2034

ISIN XS1175846580

In accordance with the Common Terms Agreement, Schedule 2 Part 1 Clause 8
(Obligor Information) please find below an update regarding Gwynt y Môr OFTO
plc ("GyM OFTO"):

Gwynt y Môr OFTO export circuit SSEC3 tripped at 12:13pm on Thursday 14
December 2023, and early indications suggest a cable fault. Testing is being
undertaken and further investigations are required to determine the exact
nature, location and cause of the possible fault - adverse weather conditions
since the trip occurred have impacted GyM OFTO's ability to conduct these
investigations.

SSEC3 provides 25% of GyM OFTO's transmission capacity.  The three other
subsea export cables are unaffected and remain fully available / operational.

Once GyM OFTO has more information on the situation, it will work with key
stakeholders to formulate the actions required to resolve the issue. GyM OFTO
will advise on any financial implications in due course.

GyM OFTO has informed its insurers, Gwynt y Môr Offshore Wind Farm Ltd
(windfarm owner / operator) and Ofgem of the current situation and will keep
Moody's and Bishopsfield Capital Partners briefed as this matter progresses.

Further updates will be provided when information becomes available.

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