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International PPL

Gunfleet Sands OFTO Reaches Financial Close

19 July 2011

INTERNATIONAL PUBLIC PARTNERSHIPS LIMITED

Gunfleet Sands Offshore Transmission Project Reaches Financial Close

International Public Partnerships Limited (INPP) is pleased to announce that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure and Transmission Capital has achieved financial close on the Gunfleet Sands offshore transmission project.

This is the second offshore transmission project that Transmission Capital Partners has closed under Ofgem's initial round of tenders for the long-term licence and operation of offshore transmission assets in the United Kingdom.

Gunfleet Sands is an offshore wind farm, located 7km off the coast of Clacton-on-Sea, Essex with a generation capacity of approximately 173MW. The asset comprises the onshore and offshore substations and under-sea cables connecting the mainland electricity grid network to Gunfleet Sands. The project has been operational since early 2010, which will allow for an immediate yield to INPP investors.

Key features of the project are:

·     20 year revenue term, with the potential for extension after this initial period

·     Availability based revenue stream, with protected downside (potential deductions capped at 10% of base revenue in any year), and fully linked to UK RPI

·     No demand based risk with no exposure (either revenue or penalties) to wind farm performance or credit

·     Revenues guaranteed by National Grid Electricity Transmission plc (NGET), a subsidiary of National Grid, in their statutory ring-fenced role as national electricity systems operator (NGET rated 'A-' S&P; 'A' Fitch)

·     Robust financial structure with conservative gearing and debt in place for the duration of the concession, ensuring no refinancing risk

·     No construction risk, given the operational status of the project

INPP is investing 100% of the equity and subordinated debt up to £11m. Senior debt has been provided by Barclays, BNP Paribas and Lloyds.

The expertise and experience of the Transmission Capital Partners consortium has enabled it to successfully bid for four of the nine offshore transmission projects awarded by Ofgem under its initial round of tenders.  It is scheduled to reach financial close on the remaining two schemes by the end of 2011. 

Furthermore, the consortium is shortlisted for another three projects under Ofgem's second round of tenders, which are due to be awarded in 2011 and 2012. New opportunities with a total development value of up to £14bn are expected to be tendered to the private sector, during the next nine years.

Giles Frost, Director of Amber, said: "We are delighted to have brought our second offshore transmission project to financial close. The project further demonstrates the long-term commitment by INPP and Amber and to the offshore transmission and renewable energy sectors, and will provide our shareholders with steady, long-term revenue streams and an increasingly diversified portfolio."

A copy of the Ofgem press release can be found at www.ofgem.gov.uk

For further information:

Erica Sibree                                                    +44 (0)20 7939 0558
Amber Fund Management Limited                                

Hugh Jonathan/Nick Westlake                            +44 (0)20 7260 1263/1345
Numis Securities       

Ed Gascoigne-Pees/Ed Berry                              +44 (0)20 7269 7132/7297
Financial Dynamics

Notes to Editors:

About International Public Partnerships (INPP):

International Public Partnerships Limited (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods.

Listed in 2006, INPP is a long-term investor in 60 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters and transport projects in the U.K., Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term government-backed yield and capital growth through investment across both construction and operational phases of 25-40 year concessions.

Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists of more than 50 dedicated infrastructure specialists which originate and source a strong pipeline of projects for INPP.

Visit the INPP website at www.internationalpublicpartnerships.com for more information.

About Transmission Capital:

Transmission Capital was established in 2008 to procure, construct, own and operate transmission assets, initially those in the UK being tendered through the new offshore transmission regulatory regime being overseen by Ofgem.  It also provides transmission development advisory services to electricity industry stakeholders, including many offshore wind developers.  The senior management team has over 70 years experience in the UK electricity supply industry, the majority of which has been focussed on the development, procurement and construction of major offshore transmission and wind projects.