Amber Consoritum awarded Preferred Bidder on Ormonde OFTO
International Public Partnerships Limited (INPP), the listed infrastructure investment company, is pleased to announce that Transmission Capital Partners, the consortium comprising Amber Infrastructure, Transmission Capital and INPP, has been appointed as preferred bidder for the long-term license and operation of a further offshore transmission project.
The latest scheme is the penultimate of nine projects to be awarded by Ofgem as part of the first offshore transmission tender round and it represents the fourth such project that Transmission Capital Partners has been appointed to, as preferred bidder.
The project relates to the transmission cable connection to the offshore wind farm at Ormonde in the Irish Sea, 10km off Barrow-In-Furness. On completion in 2011, the wind farm will have generation capacity of approximately 150MW, sufficient to supply the equivalent of approximately 100,000 homes per year with clean power.
The four offshore transmission projects now awarded to Transmission Capital Partners have a total purchase price of £244 million (including £101 million for Ormonde) and comprise onshore/offshore substations and under-sea cables connecting the mainland electricity grid network to the offshore wind farms. The concession term for each project is 20 years and is fully indexed to UK RPI. Further financial information will be available following financial close.
The consortium remains shortlisted for a further offshore transmission project, which is expected to be awarded by Ofgem in early 2011. Further concessions are expected to be developed as the offshore generation industry expands with a total development value of up to £14bn expected over the next nine years.
Giles Frost, Director of Amber, said: “We are delighted to have also been selected for the award of the Ormonde project announced by Ofgem today. The latest win is testament to the unrivalled combined expertise that we have with our partners Transmission Capital in this specialist area.
“We expect renewable energy projects such as these to be a key focus of the Government going forward and these projects will be the foundation of a long-term commitment by Amber and INPP to the offshore transmission and renewable energy sectors.”
A copy of the Ofgem press release can be found at www.ofgem.gov.uk
For further information:
Bianca Francis +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Ed Gascoigne-Pees/Ed Berry +44 (0)20 7269 7132/7297
Notes to Editors:
About International Public Partnerships (INPP):
International Public Partnerships (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods. Listed in 2006, INPP is a long-term investor in 53 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters and rolling stock in the UK, Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term government-backed yield and capital growth through investment across both construction and operational phases of 25-40 year concessions. Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists of 50 dedicated infrastructure specialists which originate and source a strong pipeline of projects for INPP.
About Transmission Capital:
Transmission Capital was established in 2008 to procure, construct, own and operate transmission assets, initially those in the UK being tendered through the new offshore transmission regulatory regime being overseen by Ofgem. It also provides transmission development advisory services to electricity industry stakeholders, including many offshore wind developers. The senior management team has over 70 years experience in the UK electricity supply industry, the majority of which has been focussed on the development, procurement and construction of major offshore transmission and wind projects.