Transmission Capital Partner wins OFTO project for 714 MW offshore wind park in UK
International Public Partnerships Limited (‘the Company’, ‘INPP’), the listed infrastructure investment company announced that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure and Transmission Investment has been appointed as preferred bidder for the long-term license and operation of a further offshore transmission project ('OFTO').
The latest scheme, comprising the transmission cable connection to East Anglia One Offshore Wind Farm represents the tenth such project that 'TCP' has been appointed as preferred bidder. The Company expects to invest up to GBP £90 million (USD122 million) into East Anglia One OFTO, with financial close estimated in the second half of 2021.
This investment commitment is in addition to the Company’s extremely strong near term OFTO pipeline where it has already been appointed preferred bidder on Rampion and Beatrice OFTOs, representing additional investment commitments of up to GBP£100 million (USD135.6 million). These OFTOs are also expected to reach financial close during the course of 2021.
The Company takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 21 years which is fully linked to UK inflation (‘RPI’).
The offshore wind farm connected by this transmission project is, as at the time of the bid submission, jointly owned by Scottish Power Renewable (UK) Limited (60%) and Bilbao Offshore Holding Limited (40%) (part of the Green Investment Group).
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