The offshore transmission assets connects the offshore wind farm at Barrow-in-Furness to the national grid.
The third Offshore Transmission Owner (OFTO) Licence awarded to INPP by energy regulator Ofgem for licensing high voltage transmission links to Great Britain's offshore wind farms.
Barrow OFTO provides the electrical connection for the Barrow offshore wind farm, a 90MW facility located 7km south-west of Walney Island, near Barrow-in-Furness. The transmission assets comprise the onshore and offshore substations and under-sea cables connecting the offshore wind farm with the onshore grid network.
The OFTO Licence is held by an INPP company, which acquired the £33.6 million link from wind farm owner Barrow Offshore Wind.
Highlights of the project include:
- Operational and immediately yielding with no construction or refinancing risk
- 18.5-year availability-based revenue stream with protected downside whereby potential deductions will be capped at 10% of base revenue in any year
- Returns generated are fully linked to UK RPI and are not subject to any revenue or penalty exposure to windfarm performance or credit
- Revenues are contracted by a subsidiary of National Grid, the National Grid Electricity Transmission plc (NGET) in their statutory ring-fenced role as national electricity systems operator (NGET rated ‘A-’ S&P; ‘A’ Fitch)
Project capital cost
Energy generation capacity supported