18th Dec 2019 18:39
(Alliance News) - International Public Partnerships Ltd said Wednesday it has - along with its partners - been appointed as preferred bidder for the long-term licence and operation of a further offshore transmission project.
The latest project is to operate the transmission cable connecting the Beatrice offshore wind farm in the Outer Moray Firth, in Scotland.
The wind farm consists of 84 seven megawatt wind turbine generators with an installed capacity of 588 megawatts connected to two offshore substation platforms located within the boundaries of the Beatrice wind farm. It is Scotland's largest offshore wind farm, INPP said.
It is the ninth project INPP and its Transmission Capital Partners has been appointed as preferred bidder. International PPL, Amber Infrastructure Group and Transmission Investment make up the consortium who will own and operate the transmission link.
INPP expects to invest up to GBP60 million in the project.
"This investment will increase the company's contribution to the UK's transition to a zero carbon economy. The Beatrice OFTO will transmit green electricity equivalent to around 450,000 UK homes, increasing the number of homes that are powered by the company's OFTO portfolio to approximately 2 million homes," the company added.
The company said it takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 23 years which is fully linked to UK inflation.
The offshore wind farm connected by this transmission project is owned by SSE Renewables, with a 40% stake, Copenhagen Infrastructure Partners, 35%, and SDIC Power, 25%.
Shares in International Public Partnerships closed down 2.0% in London on Wednesday at 163.60 pence each.
By Paul McGowan; [email protected]
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