AMP in line for UK infrastructure asset
A consortium comprising Australia’s AMP Capital Investors, London-based investment firm Equitix and infrastructure-services firm Balfour Beatty have been named the preferred bidder for Greater Gabbard Offshore Transmission Owners (OFTO) by UK electricity and gas regulator OFGEM. The asset, a transmission link to the 500 MW offshore wind farm off England’s Suffolk coast, is worth an estimated GBP316.6 million ($521.2 million), according to a consortium statement.
Greater Gabbard OFTO is the largest of nine assets tendered by OFGEM in the first round of procurement. If the consortium completes the purchase, it would manage the project for the next 20 years.
AMP Capital Investors has brokered the deal through its European infrastructure business, which holds assets in the areas of energy and utilities, transport and social and asset life cycles. "This project further aligns our investment strategy of holding core high-quality assets within our infrastructure business in order to ensure sustainable and long-term value for our investors," Boe Pahari, AMP Capital Investors' head of infrastructure for Europe, said. "We look forward to working with OFGEM and our consortium partners to achieve financial completion later this year."
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