A consortium of investors that includes AMP Capital has been named preferred bidder for the transmission assets of an offshore wind farm project in the United Kingdom.
If successful, the group of infrastructure investors would own and operate the high-voltage transmission link to the 500 megawatt Greater Gabbard offshore wind farm, located off the coast of Suffolk.
The forecast value of the asset was $485 million, according to British gas regulator OFGEM, which appointed the consortium comprising UK investors Equitix and Balfour Beatty Capital, and AMP Capital’s European infrastructure unit as preferred bidder.
“This asset provides a strategic foothold for us within a sector we expect to grow significantly over the coming years, in line with European Union directives to focus increasingly on renewable energy,” AMP Capital head of infrastructure in Europe Boe Pahari said.
“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.
“We look forward to working with OFGEM and our consortium partners to achieve financial completion later this year.”
Balfour Beatty chief executive Ian Tyler said each company would hold a one-third equal share of the project.
AMP Capital’s infrastructure assets in Europe include Thames Water, Wales & West Utilities, Angel Trains and Compania Logistica de Hidrocarburos.
