REG - International PPL - Financial Close Reached: Partial OFTO Divestment

International Public PartnershipsAnnouncement

23/02/2026 07:00

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RNS Number : 9107T  International Public Partnerships  23 February 2026

FINANCIAL CLOSE REACHED: PARTIAL OFTO DIVESTMENT

 

23 February 2026

 

c.£42m raised from a partial disposal of Moray East OFTO

 

International Public Partnerships Limited, the listed infrastructure
investment company ('INPP' or the 'Company'), is pleased to announce that it
has reached financial close on the sale of the previously announced minority
stake in the Moray East Offshore Transmission Owner ('OFTO') to Daiwa Energy
& Infrastructure Co. Ltd ('Daiwa').

 

The transaction announced in December 2025 1  (#_ftn1) has realised c.£42
million in exchange for a 49% shareholding, with the sale price being at a
premium to the Company's last published valuation 2  (#_ftn2) . INPP will
retain a majority stake of 51% in Moray East OFTO including majority board
representation.

 

INPP's Investment Adviser, Amber Infrastructure, will continue to manage the
Moray East OFTO on behalf of Daiwa given Amber's extensive experience in the
sector, which dates back to the first OFTO that closed in 2011.

 

Overview of Moray East OFTO

The Moray East OFTO relates to the offshore electricity transmission assets
connecting the 950MW Moray East wind farm located 22km off the Caithness Coast
in the outer Moray Firth, to the National Grid. The transmission assets
comprise the onshore and offshore substations and

connecting cables, c.285km in length.

 

Moray East OFTO is one of 11 OFTO assets within the Company's portfolio and
INPP is preferred bidder on its twelfth OFTO, Moray West, which is anticipated
to complete in 2026. The Company's OFTO portfolio makes an important
contribution to the UK's transition to a net zero carbon economy by being
capable of transmitting enough renewable electricity to power the equivalent
of approximately 3.7 million homes, of which the Moray East OFTO accounts for
around 1.0 million.

 

Disciplined approach to capital allocation

INPP has realised c.£387 million of proceeds since July 2023 across the
energy transmission, social, transport and digital infrastructure sectors,
equivalent to c.14% of the portfolio, as at 30 June 2025. All realisations
have either been in line with, or at a premium to, the relevant published
valuations.

 

The Company continues to optimise the current portfolio, focusing on targeted
realisations. The Moray East OFTO divestment is made at a premium to the last
published NAV and is consistent with the Company's disciplined approach to
capital allocation, guided by three key principles: (i) prudent use of its
Corporate Debt Facility; (ii) a targeted divestment programme to demonstrate
value and realise capital; and (iii) the strategic deployment of proceeds
towards expanding the share buyback programme or reinvesting, where the
long-term characteristics of a new investment are expected to outperform the
benefits available through share buybacks.

 

The majority of the proceeds from this partial disposal are expected to fund
INPP's next commitment in the previously announced Sizewell C investment as
well as fund its continuing share buyback programme.

ENDS.

 

For further information:

 

Erica Sibree
                                    +44 (0)
7557 676 499

Amber Fund Management
Limited

 

Hugh Jonathan
                        +44 (0)20 7260 1263

Deutsche Numis

 

Mitch Barltrop/ Maxime
Lopes                            +44 (0) 7703 330
199 / (0) 7890 896 777

FTI Consulting

About International Public Partnerships:

INPP is a listed infrastructure investment company that invests 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 130 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, New Zealand and North America. INPP seeks to
provide its shareholders with both a long-term yield and capital growth.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and in
this capacity is responsible for investment origination, asset management and
fund management of the Company.

Amber is part of Boyd Watterson Global Asset Management Group LLC, a global
diversified infrastructure, real estate and fixed income business with over
$36 billion in assets under management and over 300 employees with offices in
eight US cities and presence in twelve countries (as at 30 June 2025).

 1  (#_ftnref1)
https://www.internationalpublicpartnerships.com/media/press-releases/partial-disposal-of-moray-east-ofto/
(https://www.internationalpublicpartnerships.com/media/press-releases/partial-disposal-of-moray-east-ofto/)

 2  (#_ftnref2) The divestment has been agreed at a premium to the asset's
fair value as at 30 June 2025 (the last published fair valuation) as well as
the rolled forward fair value at the date of this announcement. The roll
forward fair value has been determined by updating the asset's 30 June 2025
valuation to the announcement date, applying the same discount rate and
reflecting distributions received in the period.

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