International PPL - Ofgem announcement on East Anglia One OFTO
02/11/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221102:nRSB9982Ea&default-theme=true
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
(#_ftn1) . 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.£105 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 (#_ftnref1) Offshore electricity transmission owner licensed entity.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END STREAAFFEASAFAA