Funding secured for 400-MW Rampion OFTO operation

Rampion turbines. Source: E.on UK plc (www.eonenergy.com)

November 16 (Renewables Now) - Transmission Capital Partners (TCP) has achieved financial close for the long-term ownership and operation of the offshore transmission assets (OFTO) for the 400-MW Rampion wind farm in UK waters.

The milestone was announced on Tuesday by infrastructure investor International Public Partnerships Ltd (LON:INPP), which is part of the TCP consortium. The tie-up also includes Amber Infrastructure Group and Transmission Investment.

The Rampion OFTO contract concerns the transmission cable connection to the Rampion offshore wind farm. TCP will invest around GBP 35 million (USD 47.1m/EUR 41.4m) for 100% of the equity and subordinated debt in TC Rampion OFTO Ltd. A number of banks will provide project-level senior debt.

The contract will provide a 20-year availability-based revenue stream for TCP.

Located around 13 km off the coast of Sussex in the English Channel, the wind park was fully commissioned in April 2018. It is equipped with 116 turbines of 3.45 MW each with a combined output that is enough to cover the electricity consumption of around 350,000 homes per year. Germany’s RWE AG, Macquarie’s Green Investment Group (GIG) and Canada’s Enbridge jointly own the wind park.

(GBP 1.0 = USD 1.346/EUR 1.183)

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