10th Dec 2015 16:07
LONDON (Alliance News) - International Public Partnerships Ltd on Thursday welcomed a key step towards reaching financial close on the investment it plans to make in the Westermost Rough offshore electricity transmission owner licensed entity project.
The company said that Ofgem has, as anticipated, published a notice under Section 8A of the Electricity Act 1989 relating to the Westermost Rough OFTO project.
International Public Partnerships expects to invest about GBP27.0 million into the project upon financial close, which is expected in February 2016.
The project will be the company's sixth OFTO investment and relates to the transmission cable connection to the Westermost rough offshore wind farm.
The wind farm is 8.0 kilometres off the Yorkshire coast, north of Hull and contains 35 turbines of 6.0 megawatt capacity, covering a total area of 35.0 kilometres and providing enough electricity to power around 150,000 UK homes.
"The company takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 20 years which is fully linked to UK inflation," International Public Partnerships said in a statement.
Shares in the company were up 0.9% at 138.70 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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