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Confirm
16 December 2022

International Public Partnerships Limited, the listed infrastructure investment company ('the Company', 'INPP') has announced that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure Group and Transmission Investment ('the Consortium'), has successfully reached financial close for the long-term ownership and ongoing operation of the East Anglia One Offshore Transmission assets (the 'OFTO').

The project will be the Company's tenth OFTO investment and relates to the transmission cable connection to the offshore wind farm located approximately 50km off the coast of Suffolk. The wind farm consists of 102 x 7MW wind turbine generators with an installed capacity of 714MW connected to the offshore substation platform ('OSP') located within the boundaries of the East Anglia One wind farm.

This investment will further increase the Company's contribution to the UK's transition to a net zero carbon economy. The East Anglia One OFTO has the capacity to transmit enough renewable electricity to power the equivalent of over 600,000 homes, increasing the total equivalent across the Company's OFTO portfolio to c.2.7 million homes.

The Company takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 21.5 years which is linked to UK inflation (as measured by the Retail Price Index ('RPI')).

The Company will make a c.£107 million investment for 100% of the equity and subordinated debt in TC East Anglia OFTO Ltd. Project level senior debt will be provided by a group of banks to match the maturity of the OFTO revenue period such that there is no refinancing risk.

Other key investment highlights include:

  • An operational and immediately yielding asset with no construction or refinancing risk;
  • INPP will benefit from a 21.5-year availability-based revenue stream with protected downside whereby maximum potential deductions will be capped at 10% of base revenue in any year;
  • The operations and maintenance of the OFTO assets will be subcontracted to a set of specialist contractors incentivised to maximise availability of the transmission assets;
  • The returns generated from the Company's investment are highly correlated to UK RPI and are not subject to any revenue or penalty exposure to windfarm performance; and
  • Revenues are contracted by a subsidiary of National Grid, the National Grid Electricity System Operator (NGESO; rated Baa1 Moody's) in their statutory ring-fenced role as electricity systems operator ('ESO').

The investment has been funded using the remaining proceeds from the Company's 2022 capital raise as well as its revolving credit facility. Following the East Anglia One OFTO investment, the Company's £250 million revolving credit facility will be c.£29 million drawn, with c.£17 million committed via letters of credit for near-term pipeline investments. The Company notes that it is also preferred bidder on Moray East OFTO, with an expected investment of c.£100 million[1].

Mike Gerrard, Chair of International Public Partnerships said: "We are proud to report the completion of our tenth OFTO investment. Our portfolio of OFTOs has the capacity to transmit enough renewable electricity to power the equivalent of c.2.7 million homes, demonstrating the Company's contribution to transition to a net zero carbon economy. In addition, the long-term, inflation-linked revenue that these investments deliver is consistent with the Company's investment objectives and demonstrates its ability to continue originating a strong pipeline of investment opportunities."

A copy of the Ofgem press release can be found at https://www.ofgem.gov.uk/news-media/latest-news-press-releases.

For further information:

Erica Sibree/Amy Edwards

T: +44 (0) 7557 676 499 / (0) 7827 238 355      
Amber Fund Management Limited
Hugh Jonathan

T: +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop

T: +44 (0) 7703 330 199 / (0) 7807 296 032
FTI Consulting

About International Public Partnerships:

INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in over 140 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of over 170 staff who are responsible for the management of, advice on and origination of infrastructure investments.

[1] The estimated investment amount has increased from the £75 million published in the Company's Interim Report due to the market environment and fluctuating interest rates. Please note that projected returns are not adversely affected.

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