Project Information
Project name: UK: Lincs offshore transmission project (OFTO)
Project description:

 Own and run the Lincolnshire offshore wind farm cables. The project relates to the transmission cable connection to the offshore wind farm located approximately 8km off the Lincolnshire coast near Skegness, which has 75 turbines and a total installed capacity of 270MW.

Ofgem has granted TC Lincs OFTO Limited a licence to own and operate the transmission link to the Lincs wind farm. 

Transmission Capital Partners, the consortium comprising International Public Partnerships, Amber Infrastructure and Transmission Investment, has achieved financial close for the Lincs offshore transmission project.

INPP has invested approximately £171m , which was funded from the company’s existing cash and debt resources, to acquire 100% of the equity and junior debt of the project, with the senior debt being provided by the European Investment Bank. The European Investment Bank has agreed to provide GBP 168 million

The project links the 270MW Lincs windfarm to the National Grid via 100km of subsea cables and other related infrastructure including substations.

TC Lincs OFTO Limited will be paid by a pre-agreed, availability-based revenue stream over 20 years which is fully linked to UK inflation with no exposure to wind farm performance. The maximum annual payment will be £24m .

 

Related headlines:

4 November 2014 - Financial Close for Lincs OFTO 

10/05/2012 - Preferred bidder for Lincs OFTO

Type: PPP
Sector: Energy
Region: UK - - South East
Current status: Project Signed - 04/11/2014
Contract Terms
Duration: 20 years
Capital value: £339.00m
Public Sector Procuror Details
Authority/Commssioning body: Ofgem
Private Sector Details
Consortium name: Transmission Capital Partners
Private sector shareholders: Transmission Capital Partners - Shareholders
International Public Partnerships (INPP) - Shareholders
Amber Infrastructure - Shareholders
Drapers Gardens - Shareholders
Private sector debt-providers: European Investment Bank - Debt Providers (EIB has agreed to provide GBP 168 million)
Private Sector Shortlist
Consortium name: Blue Transmission
Private sector shareholders: Macquarie Capital - Shareholders
Barclays Capital Ltd - Shareholders
Mitsubishi UFJ Financial Group - Shareholders
Consortium name: National Grid Offshore Limited
Private sector shareholders: National Grid Offshore Limited - Shareholders
Consortium name: Balfour Beatty Equitix
Private sector shareholders: Balfour Beatty - Shareholders
Equitix - Shareholders

This page was last updated on:
4 November 2014.

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