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INPP to raise £42m from sale of stake in Moray East OFTO
(Sharecast News) - International Public Partnerships said on Wednesday that it will realise around £42m from the partial disposal of its Moray East Offshore Transmission Owner (OFTO) to Daiwa.
The company has agreed to sell a 49% stake in its investment in a deal that is expected to complete in the first quarter of next year.
INPP said the sale price is a premium to its last published valuation. Following the disposal, INPP will retain a majority stake of 51% in Moray East OFTO including majority board representation.
Chair Mike Gerrard said: "This transaction further reaffirms the company's proactive and targeted approach to realising value from the existing portfolio and its ability to reinvest into higher-returning opportunities. It marks the fourth realisation this year, across the UK social, transport and energy transmission sectors, with all transactions completing in line with, or at a premium to, the relevant published NAV.
"With a strong pipeline of opportunities available across the geographies in which the company invests, INPP remains well positioned to continue to reinvest into higher returning assets, deliver sustainable growth and continue our dividend growth track record."
The Moray East OFTO relates to the offshore electricity transmission assets connecting the 950MW Moray East wind farm located 22km off the Caithness Coast in the outer Moray Firth, to the National Grid.
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