IPP consortium chosen for North Sea project

15th May 2015 09:08

A consortium including International Public Partnerships has been chosen as preferred bidder for a North Sea wind energy project, the investment company said on Friday.Transmission Capital Partners, the group chosen to provide an offshore transmission link project from the Westermost Rough Offshore Wind Farm, also includes Amber Infrastructure and Transmission Investment, IPP said on Friday.The London-listed company is expected to invest approximately £30m in the project, which is expected to be completed in the fourth quarter of 2015 and which relates to the transmission cable connection to the offshore wind farm 8 kilometres off Yorkshire coast.Energy regulator Ofgem said the competitive tender process, in which bidders compete to become offshore transmission owners (OFTOs), had seen saw the lowest revenue bids, as a proportion of asset value, it had ever seen.The wind farm comprises 35 wind turbines and has a total installed capacity of 210MW, with the estimated value of the transmission assets £172.3m.IPP shares were up 0.22% to 137.90p at 09:24 on Friday.