Amber Infrastructure Limited (Amber), the leading infrastructure group, is pleased to announce that Transmission Capital Partners, the consortium comprising Amber Infrastructure, Transmission Capital and International Public Partnerships (“INPP”), has achieved financial close and completed its investment in the Ormonde offshore transmission project.
This is the fourth offshore transmission project that Transmission Capital Partners has closed under Ofgem’s initial round of nine tenders for the long-term licence and operation of offshore transmission assets in the United Kingdom.
INPP, the FTSE 250 listed infrastructure investment company, is investing 100% of the capital required for the investment totalling approximately £115 million. The investment is in the transmission apparatus that connects the mainland to the Ormonde offshore wind farm, located in the Irish Sea, approximately 10km west from Walney Island, on the Cumbrian coastline. The asset comprises onshore and offshore substations and under-sea cables. The project has been operational since 2011.
Of the 9 projects awarded by Ofgem under the first round of bids, 5 OFTO projects have now reached financial close, with Transmission Capital Partners being responsible for 4 of them, reinforcing its reputation as a market leader in this asset class.
In May 2012, the consortium was also selected by Ofgem to be Preferred Bidder for the first of the second round of OFTO projects: Lincs OFTO is scheduled to reach financial close in the fourth quarter of 2012.
The consortium has also been shortlisted for a further two projects under Ofgem’s second round of tenders, which are due to be awarded in 2012. New opportunities with a total development value of up to £8bn are projected to be tendered to the private sector, during the next nine years.
Giles Frost, Director of Amber Infrastructure, said: “Ormonde represents the fourth OFTO closed by Transmission Capital Partners in the last 15 months with a total investment value of over £145 million, reinforcing its leading position within the sector.”
A copy of the Ofgem press release can be found at www.ofgem.gov.uk.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Ed Gascoigne-Pees/Ed Berry +44 (0)20 7269 7132/7297
Notes to Editors:
About Amber Infrastructure Group:
Amber Infrastructure Group (Amber) is a leading international infrastructure specialist, providing asset management and investment advisory services in respect of over £4 billion of assets in the UK, Europe, Australia and North America. Amber’s core business focuses on sourcing, developing, advising on, investing in and managing infrastructure assets within the utilities, PPP, transport, renewable energy and regeneration sectors.
Amber provides investment advisory services to International Public Partnerships
Limited as well as private investment funds, specialising in urban regeneration. Amber is headquartered in London with offices in Munich, Sydney, Melbourne and San Francisco and employs approximately 60 people, making it one of the largest international infrastructure specialists.
About International Public Partnerships:
International Public Partnerships Limited (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 119 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and renewable energy projects in the U.K., 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.
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.