TCP nears financial close on 270-MW OFTO project

Sep 19, 2014 - Transmission Capital Partners (TCP) is to reach financial close soon on its investment in the offshore transmission link to the 270-MW Lincs wind farm in British waters.

The consortium is expected to invest some GBP 170 million (USD 280m/EUR 217m) in the connection project, one of its members -- International Public Partnerships Ltd (LON:INPP) -- said yesterday. The investment is seen to be made this November.

UK energy regulator Ofgem in May 2012 said it has selected TCP as the preferred offshore transmission owner (OFTO) for the Lincs link. In the press release yesterday, INPP explained that Ofgem has just published a notice under Section 8A of the Electricity Act 1989 relating to the Lincs OFTO project, a key step towards the financial close.

The project, INPP’s fifth OFTO scheme, includes 100 km (62 miles) of subsea cables, substations and other infrastructure. The link connects the offshore wind farm to the network of National Grid Plc (LON:NG).

The 270-MW Lincs wind farm off England's eastern coast was fully commissioned a year ago. It is 50%-owned by UK energy group Centrica plc (LON:CNA), while the rest is in the hands of Danish state-owned utility Dong Energy and Siemens Project Ventures GmbH.

(GBP 1 = USD 1.645/EUR 1.274)

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