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Investment: February 20, 2026
We have acquired a 49% stake in Moray East OFTO from INPP, a UK-listed infrastructure investment company advised by Amber. Moray East OFTO is a regulated offshore transmission asset connecting the Moray East offshore wind farm to the onshore grid. The asset generates long-term, inflation-linked and stable revenue through the OFTO regulatory framework.
Key Points of the Investment
Moray East OFTO is a regulated offshore transmission asset awarded through a competitive tender process conducted by Ofgem, the energy regulator in the United Kingdom. A key feature of this framework is high barriers to entry. The asset receives availability payments that are independent of offshore wind generation volumes and electricity market prices.
Revenue is linked to RPI (Retail Price Index) over the long-term license period, providing stable and predictable cash flows. INPP, one of the largest and most experienced OFTO investors in the United Kingdom, has demonstrated strong availability performance across its OFTO portfolio, leveraging its extensive operational and maintenance expertise to mitigate operational risks.
Future Actions
This investment strengthens our expertise in the OFTO sector in the United Kingdom, particularly in regulated revenue structures and risk management frameworks. With offshore wind capacity continuing to expand in the United Kingdom and Europe, we will pursue additional OFTO and other transmission opportunities in these markets in partnership with INPP.