4th Feb 2016 12:39
LONDON (Alliance News) - International Public Partnerships Ltd on Thursday said that its consortium with Amber Infrastructure & Transmission Investment has reached financial close for the long-term license and operation of its sixth UK offshore transmission project, Westermost Rough.
The London-listed infrastructure investor will make a GBP27.0 million investment for 100% of the equity and subordinated debt of the offshore transmission project, which will connect a windfarm containing 356 megawatt turbines eight kilometres off the coast of Yorkshire to the onshore grid network. That is meant to provide electricity to power around 150,000 UK homes.
The investment will be funded through cash raised in a capital raising at the end of 2015, with the senior debt for the project of GBP155 million being jointly provided by the European Investment Bank and FTSE 100 insurer Aviva PLC.
"Where appropriate, we look forward to enhancing our portfolio's stake in UK electricity transmission, generating durable, low-risk and inflation-linked returns for our investors," Rupert Dorey, chairman of International Public Partnerships, said.
Shares in International Public Partnerships were flat at 139.40 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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