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About us
Amber is a leading international investment manager. For over 15 years, we have mobilised capital into essential, responsible infrastructure.

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We source, finance and manage infrastructure assets for both the public and private sectors, applying an integrated approach throughout the lifecycle of each investment.

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Amber develops and invests across a wide range of infrastructure sectors, each characterised by a long-term investment horizon and robust, creditworthy counterparties.

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Amber manages or advises eight funds with over £5 billion in funds under management. With a presence across 12 countries, Amber manages 175 infrastructure investments representing total assets under management of £14 billion.

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Moray East OFTO

  • ofto site image
Energy
Energy Transmission

The Moray East Offshore Transmission Owner (‘OFTO’) is the critical link connecting the Moray East offshore wind farm to the UK’s national grid, enabling the generation of green electricity for approximately 1 million homes. Situated 22 kilometres off the Caithness Coast in the outer Moray Firth (Aberdeenshire), this project consists of both onshore and offshore electricity export cables, as well as substations.

Sector
Energy
Energy Transmission
Location
Moray Firth, Scotland
Status
Operational
Equity ownership
100%
Financial close
February 2024
Term length
Initial revenue term 23 years

Strategic significance of OFTOs

Offshore wind generation is a success story for the UK. Long-term government support has underpinned innovation and investment in the sector, helping to drive down costs while contributing to decarbonisation of the economy.

ofto site image

The UK is one of the world's largest markets for offshore wind with over 10GW of installed capacity. The British Energy Security Strategy published in April 2022, saw a further increase in the Government's offshore wind target, to 50GW of offshore wind energy by 2030, up from c.10GW in 2020. The UK continues to provide significant support for offshore wind, and we anticipate that the technology will play a key role in helping the UK meet net zero by 2050.

To support this increase in offshore renewable energy generation, the UK government identified that a new approach to developing transmission networks would be required and developed the offshore transmission regulatory regime. INPP recognised this opportunity and strategically positioned itself as one of the very few original consulting parties to Ofgem on the regime in 2009.

As the UK aims for an ambitious renewable energy future, INPP’s investment in the Moray East OFTO represents a strategic alignment with the country’s long-term vision, acting as an enabler of secure, scalable, and sustainable green electricity.

Moray East OFTO

In February 2024, INPP successfully reached financial close on the long-term ownership and operation of the transmission link to the 950MW Moray East Wind Farm.  The project relates to the transmission cable connection to the offshore wind farm. The wind farm consists of 100 x 9.5MW wind turbine generators connected to three offshore substation platforms (owned by the OFTO) located within the boundaries of the Moray East wind farm. 

No. of homes

0,000,000

Capable of being powered

The Moray East OFTO is the Company's eleventh OFTO investment and has the capacity to transmit enough renewable electricity to power the equivalent of c.1 million homes, translating into an immediate and impactful contribution to the UK's renewable energy capabilities. Furthermore, it supports INPP's broader objective of generating secure, sustainable, and inflation-linked returns for its investors, while at the same time promoting a cleaner and more resilient energy system for the future.

Inflation protection

0 %

index-linked revenue

Why we invest in OFTOs

OFTOs offer favourable risk-adjusted returns together with an inflation-projected yield profile and direct environmental benefits.

  • Risk-adjusted returns: Transmission license grants the OFTO an availability-based revenue stream with downside protection whereby potential deductions are capped at 10% of base revenue in any year
  • Inflation-protected revenues: Revenue is 100% index-linked to the UK’s Retail Price Index (‘RPI’), or Consumer Price Index (‘CPI’) for future assets
  • Regulatory backing: Revenues are contracted by a regulated subsidiary of National Grid, National Grid Electricity System Operator (‘NGESO’), which is protected by special energy administration rules under the Energy Act 2004, creating a ‘look through’ to UK government risk
  • Cash flow stability: Protections provided through the OFTO’s transmission license provide compensation to downside scenarios for events outside the OFTO’s reasonable control, providing further certainty of cash flows
  • Immediate yield: Operational and immediately yielding with no construction or refinancing risk. The operations and maintenance of the OFTO portfolio have been subcontracted to a set of specialist contractors incentivised to maximise availability
  • Sustainability impact: Investment supports the UK transition towards a low carbon economy with the aim of achieving a decarbonised electricity system by 2035 and net zero by 2050

OFTO asset transfers timeline

Sustainable Development Goals (SDGs)

2030 Agenda for Sustainable Development adopted by UN Member States in 2015

SDGs supported:

SDG contribution

Outcomes

INPP looks to create both financial and societal value and the OFTO portfolio stands as a leading example of how strategic investment can generate stable revenues while significantly advancing the UK’s green energy transition.

  • Revenue certainty: Secure and highly predictable, index-linked cash flows which have had and will continue to have zero revenue or penalty exposure due to wind farm performance
  • Energy generation: The OFTO portfolio currently provides more than 4,000MW of clean energy to the UK population1
  • Societal impact: An estimated 3.7 million homes are capable of being powered by the OFTO portfolio1
  • Environmental benefit: INPP’s current portfolio of OFTO assets save an estimated 2.7 million tonnes of carbon dioxide equivalent annually2

 

  1. Data provided directly from wind farm owners. Figure may vary depending on actual wind generated and transmitted, which is naturally variable

  2. Estimated by multiplying the installed capacity in MW by the number of hours in a year (8,760) and then multiplying this by the assumed capacity factor wind (39%) expressed as a fraction of 1 (i.e. by 0.39), multiplied by 1,000 (kWh). This answer is then multiplied by the UK grid emission factor of 0.193 (kgCO2e/kWh)

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