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(Alliance News) - International Public Partnerships Ltd said Monday it has completed the refinancing of its offshore transmission project portfolio.
The infrastructure investment company has repaid its original bank debt against the first three offshore assets it invested into, which are the Barrow, Gunfleet Sands and Robin Rigg projects.
The debt repayment was conducted through the combination of a new long-term bank debt and a GBP70 million senior debt investment made by IPP.
The new bank debt is said to have a low cost, with terms more attractive than that of the original.
The refinancing is expected to de-risk the portfolio, by reducing the financial leverage on the three investments by 50%, compared to the level at financial close.
To date, IPP owns seven of the 17 UK offshore transmission projects that have reached financial close. Collectively, the seven assets connects 1.5 gigawatts of renewable energy to the UK's grid.
Shares in IPP were down 0.2% at 153.85 pence on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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