Electronic versions of the materials you are seeking to access are being made available on this website in good faith and are for information purposes only.

These materials are not directed at or accessible by persons in the United States or persons resident or located in the United States, Australia, Canada, Japan, New Zealand, the Republic of South Africa, any EEA jurisdiction other than Ireland, Sweden and, to the extent that the necessary permissions have been granted, Denmark, or any other jurisdiction where the extension of availability of the materials to which you are seeking access would breach any applicable law or regulation.

Users of this website are responsible for observing all applicable laws and regulations in their relevant jurisdictions before proceeding to access the information contained herein. By proceeding to access the information, users are deemed to be representing and warranting that the applicable laws and regulations of their relevant jurisdiction allow them to do so.

By accessing this website you are representing to International Public Partnerships Limited (the "Company") and its advisers that the applicable laws of your relevant jurisdiction allow you to access this website and the material contained herein and in particular that you are not: (i) a US Person (within the meaning of Regulation S under the US Securities Act of 1933, as amended the "Securities Act") and are not acting on behalf of a US Person, nor purchasing with a view to re-sale in the US or to or for the account of a US Person, and that you are not an employee benefit plan subject to the United States Employee Retirement Income Security Act of 1974 and the regulations promulgated thereunder (in each case as amended) ("ERISA") or similar US laws or an individual retirement account as defined in section 408 of the US Internal Revenue Code; or (ii) a resident of Australia, Canada, Japan, New Zealand, the Republic of South Africa, any EEA jurisdiction other than Ireland, Sweden or, to the extent that the necessary permissions have been granted, Denmark or a jurisdiction where the extension of availability of the materials to which you are seeking access would breach any applicable law or regulation, and that you will not: (i) offer, sell, renounce, transfer or deliver, directly or indirectly, Shares subscribed for by you in (A) the United States, or (B) Australia, Canada, Japan, New Zealand, the Republic of South Africa, any EEA jurisdiction other than Ireland, Sweden or, to the extent that the necessary permissions have been granted, Denmark, or in any jurisdiction in which such offers or sales are unlawful ("Excluded Territories") or to any US Person or resident of any Excluded Territories, or: (ii) release or otherwise forward, distribute or send any materials on this website in or into the United States or any Excluded Territories.

Shares offered by the Company have not been and will not be registered under the Securities Act or with any securities regulatory authority of any State or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US Persons (within the meaning of Regulation S under the Securities Act). The Company has not been and will not be registered as an "investment company" under the United States Investment Company Act of 1940 and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of any Excluded Territories and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the Shares may be offered, sold, renounced, transferred or delivered, directly or indirectly, in any Excluded Territories.

Unless expressly indicated otherwise on a particular document or section of this website, the contents of this website are not a UK financial promotion and none of the contents of this website constitute an invitation or inducement to engage in investment activity. If and to the extent that this website or any of its contents are deemed to be a financial promotion, the Company is relying on the exemption provided by Article 69 of the UK Financial Services and Markets Act 2000 (Financial Promotions) Order 2005/1529 in respect of section 21 of the UK Financial Services and Markets Act 2000. In particular, any information in respect of past performance (including without limitation past performance of the Company, its group, shares in the Company and/or the Company’s portfolio) cannot be relied upon as a guide to future performance. None of the contents of this website are intended to be nor may they be considered as an investment recommendation nor personal advice.

The Company is a closed ended listed investment company which is incorporated in Guernsey and is recognised as a third country self-managed AIF in very limited EEA jurisdictions under the EU Alternative Investment Fund Managers Directive and in the UK under the UK Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773). The Ordinary Shares of the Company are excluded from the UK FCA restrictions on promotion that are applicable in the UK to non-mainstream investment products, due to its current investment company structure.

Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773).  The Ordinary Shares of the Company are excluded from the UK FCA restrictions on promotion that are applicable in the UK to non-mainstream investment products, due to its current investment company structure.

Any person accessing the website should carefully review the Terms of Use of the website. By using the website, you indicate that you accept the Terms of Use and that you agree to abide by them. If you do not agree to the Terms of Use, please refrain from using the website.

Please check the box below to confirm that:

  • You have read, understood and agree to the above;
  • You are not in the United States nor in any other jurisdiction where accessing this website may be prohibited by law or regulation;
  • You are not a US person or otherwise a resident of any Excluded Territory; and
  • You are not investing or otherwise acting for the account or benefit of a US person or a resident of any Excluded Territory.
Confirm
16 November 2021

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 operation of the transmission link to the 400MW Rampion offshore wind farm (the ‘OFTO’).

The project will be the Company's ninth OFTO investment and relates to the transmission cable connection to the offshore wind farm located approximately 13km off the Sussex coast. The wind farm consists of 116 x 3.45MW wind turbine generators connected to an offshore substation platform (‘OSP’) located within the boundaries of the Rampion wind farm.

This investment will increase the Company's contribution to the UK's transition to a zero-carbon economy. The Rampion OFTO has the ability to transmit green electricity equivalent to around 350,000 UK homes, increasing the number of homes that could be powered via the Company's OFTO portfolio to approximately 2.1 million 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 ('RPI').

The Company will make a c.£35 million investment for 100% of the equity and subordinated debt in TC Rampion 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 20-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 through the Company’s £250 million revolving credit facility, which following the Rampion OFTO investment, will be £108 million net drawn. The Company notes that it is also preferred bidder on East Anglia One OFTO, with a committed investment of c.£90 million.

Mike Gerrard, Chair of International Public Partnerships said: “We are proud to report that our portfolio of OFTO investments, following the completion of our nineth OFTO, helps provide over two million UK households with clean energy helping the UK achieve net zero. 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.”

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)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan

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

T: +44 (0)20 3727 1046/1039
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 130 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 150 staff who are responsible for the management of, advice on and origination of infrastructure investments.

Back to press releases