FC for East Anglia OFTO

Financial close has been reached on the East Anglia One offshore transmission owner (OFTO) contract.

Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure Group and Transmission Investment, has agreed the deal with energy regulator Ofgem.

Under the deal, INPP will make a £107m investment for 100% of the equity and subordinated debt in the project vehicle, while project level senior debt is to be provided by “a group of banks”.

“We are proud to report the completion of our tenth OFTO investment,” said INPP chair, Mike Gerrard. “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.”

In November, Ofgem carried out the consultation to change the standard conditions of the electricity transmission licence so that the East Anglia One OFTO could reach financial close.