18th Sep 2014 10:30
LONDON (Alliance News) - International Public Partnerships Ltd Thursday said UK energy regulator Ofgem has granted a licence to the Lincs offshore electricity transmission owner project, marking a key step towards the company reaching financial close on the scheme.
INPP said the investment in the project is now set to be made in November, making it the company's fifth offshore electricity transmission owner project.
The group is part of the Transmission Capital Partners consortium, which expects to invest GBP170 million in the project, which will link the 270 megawatt Lincolnshire wind farm to the National Grid using subsea cables and other infrastructure.
INPP said it would take no exposure to electricity production or price risk and will be paid for its work on the project through a pre-agreed, availability-based revenue stream over 20 years linked to UK inflation.
INPP shares were up 1.3% to 132.4 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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