Consortium wins fifth OFTO project
Amber Infrastructure Limited, is pleased to announce that Transmission Capital Partners, the consortium comprising Amber Infrastructure, International Public Partnerships and Drapers Gardens 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 Lincs Offshore Wind Farm, is the first project in the second round of tenders to be awarded by Ofgem and it represents the fifth 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 located approximately 8km off the Lincolnshire coast near Skegness, which has 75 turbines and a total installed capacity of 270MW.
The five offshore transmission projects now awarded to Transmission Capital Partners have an aggregate total investment cost of approximately £525 million (including approximately £282 million for Lincs) and comprise onshore/offshore substations and under-sea cables connecting the mainland electricity grid network to the offshore wind farms. The revenue term for each project is a minimum 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 two offshore transmission projects (London Array Phase 1 and Gwynt y Mor) in the second transitional tender round, which are expected to be awarded by Ofgem later this year.
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 8 years.
Giles Frost, Director of Amber, said: “I’m delighted that the consortium’s leading position and renewed commitment and focus on this growing part of the renewable energy market has been further underlined with the award of its fifth OFTO project”.
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
Notes to Editors:
About Transmission Capital Partners:
Transmission Capital Partners was established in 2008 as a joint venture between Amber Infrastructure Group and Drapers Gardens LLP 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.