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INPP closes on Beatrice OFTO project

INPP closes on Beatrice OFTO project – International Public Partnerships (INPP) says that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure Group and Transmission Investment, has successfully reached financial close for the long-term ownership and operation of the transmission link to the 588MW Beatrice offshore wind farm (the OFTO), Scotland’s largest operational offshore wind farm.

The project relates to the transmission cable connection to the offshore wind farm located in the Outer Moray Firth, approximately 13.5km off the Caithness coastline in Scotland. The wind farm consists of 84 x 7MW wind turbine generators connected to two offshore substation platforms located within the boundaries of the Beatrice wind farm.

The Beatrice OFTO will transmit green electricity equivalent to around 450,000 UK homes, increasing the number of homes that are powered via the company’s OFTO portfolio to approximately 1.8m.

INPP is not taking any exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 23 years which is fully linked to UK inflation (based on RPI).

The announcement says that the company will make about a £50m investment for 100% of the equity and subordinated debt in TC Beatrice OFTO Ltd. Project level senior debt will be provided by a range of banks and institutional investors to match the maturity of the OFTO such that there is no refinancing risk.

The operations and maintenance of the OFTO assets will be subcontracted to a set of specialist contractors incentivised to maximise availability of the transmission assets and revenues are contracted by a subsidiary of National Grid, the National Grid Electricity System Operator (NGESO, which is rated Baa1 Moody’s) in their statutory ring-fenced role as national electricity systems operator.

INPP has about £95m of cash available for further investments and an unused £250m revolving credit facility. It is preferred bidder on Rampion and East Anglia One OFTOs, which represent over £130m of potential investment.

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