International PPL makes seventh offshore transmission investment for £46m

International Public Partnerships Limited (INPP) agreed on Wednesday to make a £46m investment in the Dudgeon offshore wind farm off the coast of Cromer in North Norfolk.

The infrastructure investment company made the investment through its Transmission Capital Partners consortium, comprising INPP, Amber Infrastructure Group and Transmission Investment, and will receive 100% of the equity and subordinated debt from the project.

The 402MW wind farm transmits clean power to over 410,000 homes by generating electricity using 67 6MW turbines and is the seventh UK offshore transmission project in the company's portfolio.

Rupert Dorey, chairman of International Public Partnerships, said: "As our seventh OFTO investment, the Company and its consortium has played a pivotal role in the development of offshore transmission into a low-risk, investible green technology."

The investment was funded with proceeds from a capital raise conducted in October and leaves INPP with a cash balance of approximately £40m available for further investments and its £400m revolving credit facility undrawn

Therefore, a statement from the outfit said it is well-positioned to support its roughly £200m of nearer term investment commitments, including further investment into Cadent gas distribution.

"This investment is further evidence of the company's ability to continue originating an attractive pipeline of investment opportunities with PPP-style characteristics," said Dorey.

International PPL’s shares were up 0.39% at 155.60p at 1623 BST.