New contract blows in at Intl Public Partnership
A consortium consisting of quoted infrastructure investment company International Public Partnerships plus Amber Infrastructure and Drapers Gardens has been appointed by Ofgem as the preferred bidder for the long-term licence and operation of a further offshore transmission project.
A consortium consisting of quoted infrastructure investment company International Public Partnerships plus Amber Infrastructure and Drapers Gardens has been appointed by Ofgem as the preferred bidder for the long-term licence and operation of a further offshore transmission project.
This is the fifth such project for which the consortium, known as Transmission Capital Partners (TCP), has been appointed as the preferred bidder.
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The five projects now awarded to TCP have an aggregate total investment cost of around £525m, including about £282m for the most recent project, and comprise onshore/offshore sub-stations and under-sea cables connecting the mainland electricity grid network to the offshore wind farms. The revenue term for each project is a minimum 20 years.
The consortium is short-listed for a further two offshore transmission projects, which Ofgem is expected to award later this year.
"Further concessions are expected to be developed as the offshore generation industry expands with a total development value of up to £14bn expected over the next eight years," International PP said.
NR
