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International Public Partnerships refinances UK offshore transmission portfolio

International Public Partnerships Ltd. completed refinancing and restructuring its offshore transmission portfolio, allowing it "financial and operational flexibility."

The transaction de-risks the company's Barrow, Gunfleet Sands and Robin Rigg projects through a combination of new long-term bank debt and an additional £70 million debt investment made by the company, according to a Sept. 30 news release.

The projects, which connect three U.K. offshore wind farms to the onshore grid, were the first offshore transmission assets the company invested in.

International Public Partnerships said the original terms of the third-party debt reflected the then-immaturity of the asset class. But the assets' performance has been strong, with availability levels significantly in excess of U.K. regulator Ofgem's target.

The company owns seven of the 17 offshore transmission projects in the U.K. which have reached financial close. Its portfolio connects 1.5 GW of offshore wind capacity to the country's grid.