International Public Partnerships Limited, “INPP”, has 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.
The latest scheme, comprising the transmission cable connection to Westermost Rough Offshore Wind Farm represents the sixth such project that Transmission Capital Partners has been appointed to, as preferred bidder. The Company expects to invest around c.£30m upon financial close, estimated in the fourth quarter of 2015.
The project relates to the transmission cable connection to the offshore wind farm located in the North Sea off the coast of Yorkshire, the wind farm has 35 wind turbines capable of producing a total 205 megawatts (MW) of electricity. The Company takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 20 years which is fully linked to UK inflation (RPI).
The consortium remains shortlisted for a further offshore transmission project (Humber Gateway) which is expected to be awarded by Ofgem later this year.
INPP is investing in another OFTO project