28th Aug 2018 09:35
LONDON (Alliance News) - International Public Partnerships Ltd on Tuesday noted the UK Office of Gas & Electricity Markets' approval of its investment in the Dudgeon OFTO project off Norfolk.
In November last year, the investment company said it was a part of consortium which was appointed as a preferred bidder for the long-term license and operation of the offshore transmission project.
The project comprises the transmission cable connection to the Dudgeon offshore wind farm, located 32 kilometres off the coast by Cromer in Norfolk. It includes 67 turbine generators of six megawatts and has an installed capacity of 402 megawatts. It is owned by Statoil ASA, Masdar and Statkraft.
Back then, International Public Partnerships had said it planned to invest GBP45 million in the project with the financial close expected in October.
On Tuesday, the company said Ofgem approval was a key step towards reaching financial close on the investment.
International Public Partnerships said it had taken on no exposure to electricity production or price risk. It will be paid a pre-agreed, availability-based revenue stream over 20 years. The payment will be fully linked to UK retail prices index inflation.
Shares in International Public Partnerships were trading down 0.1% on Tuesday morning at 155.84 pence each.
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