History and awards
History and awards
Since listing in November 2006, INPP has grown its portfolio to over 130 investments with a market captalisation of c.£2.5 billion as at 30 June 2026.
INPP’s investments have been recognised by independent judges for outstanding a mixture of design, innovation, service delivery, green/energy credentials and financing.
Read more about the evolution of the Company below.
Tideway, United Kingdom Photo credit: Tideway
Summary of Key Events
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2021
First investment in Denmark
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2025
c.£130m of realisations announced during the year
Key events in INPP's history
2026
- In August 2026, INPP announced its intention to sell its stake in nine UK PPP projects. This transaction is expected to close in Q4 2026 with the sale price being at a premium to the last published valuation.
- In July 2026, INPP announced a further commitment to BeNEX of up to €46m to fund a new passenger network concession that will serve the German federal states of Bavaria and Hesse (Regionalverkehr Mainfranken, ‘RVMF’). The investment will be staggered over the period to 2030, with the majority required between 2029 and 2030, and is expected to generate an attractive nominal IRR in the low teens.
2025
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In December 2025, the Company announced a sale of a minority stake in Moray East OFTO. This transaction completed in February 2026, realising c.£40 million
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In November 2025, the Company reached financial close on its investment into Sizewell C and made its first instalment of c.£35 million
- In August 2025, the Company completed a sale on part of its investment in Angel Trains. The transaction realised c.£32 million, with the sale price being at an attractive premium to the Company's last published valuation, as at 31 December 2024 valuation
- In July 2025, the Company completed its debt financing to release c.£49 million of capital from its Priority Schools Building Aggregator Programme (‘Priority Schools Programme’) investments and 13 BSF portfolio interests, consisting mostly of minority stakes. The value of the retained equity interests and funds released from the transaction was at a premium to the 31 December 2024 valuation
- From 1 July 2025, the fees paid to the Investment Adviser in respect of each quarter will be based on the equal weighting of: (i) the average of the closing daily market capitalisation of the Company during that quarter, and (ii) the most recently published NAV
- In March 2025, the Company agreed to sell its minority interests in seven UK education PPPs to an existing co-shareholder for total proceeds of c.£8 million which is in line with the most recent valuations
- In March 2025, the Company announced it intends to increase the quantum of capital being returned to shareholders by from the current buyback programme of up to £60 million, to a programme of up to £200 million, over the period to 31 March 2026
2024
£ 2.8 bn
149.5
In January 2024, the Company fully repaid its Corporate Debt Facility using the OFTO realisation proceeds and also commenced a £30 million share buyback programme.
In February 2024, the Company reached Financial Close on its eleventh OFTO, Moray East, deploying c.£77m of capital raised from the OFTO realisation in December 2023.
In August 2024, the Company divested its 50% stake in the Three Shires portfolio. The proceeds were used to increase the buyback programme by £10 million.
In August 2024, the Company reduced the size of its Corporate Debt Facility from £350 million to £250 million.
In September 2024, the Company announced its intention to extend its buyback programme and increase the amount to up to £60 million.
In September 2024, the Company made a partial disposal to its Family Housing for Service Personnel investment realising c.£30 million.
In October 2024, the Company made a £15 million follow-on investment into BeNEX.
2023
£ 2.9 bn
152.6 p
In March 2023, the Company acquired a further 20% investment in Ealing BSF for c.£0.7 million, increasing its holding to 100%. The BSF scheme provides educational facilities to over 1,400 pupils.
In April 2023, the Company increased the committed size of its Corporate Debt Facility (‘CDF’) from £250 million to £350 million. In addition, the Company retained a flexible 'accordion' component which, subject to lender approval, allows for a further increase in the committed size of the facility to £400 million. The maturity date of the CDF was also amended from March 2024 to June 2025.
In June 2023, the Company successfully reached financial close on its acquisition of five New Zealand availability-based social infrastructure investments. The investment of c.£107.3 million marks the Company’s first expansion in the mature New Zealand market.
In December 2023, the Company generated cash proceeds of c.£200 million from the realisation of four Offshore Transmission (‘OFTO’) senior debt investments as well as the addition of prudent leverage to the Lincs OFTO. The four senior debt investments were realised at a modest premium to the Company’s half-year valuation.
2022
£ 3.0 bn
159.1 p
March - reached financial close on Stage 3 of the Gold Coast Light Rail Project.
April - successfully raised £325 million (before issue costs) of new capital.
June - increased stake in Tideway to c.18% deploying c.£42 million of new capital.
June - acquired a further 9% investment in Durham BSF, taking its holding to 100%, and increased its holdings in Nottingham BSF Phases 1 and 2 by a further 8% taking its overall ownership in each of the two schemes to 90%.
June - a further c.EUR5.5 million was drawn of the €24.0 million initially committed to Diabolo, a total of €17.3 million has been drawn as at 31 December 2022.
December - invested c.US$45 million into a follow-on investment in Family Housing for Service Personnel.
December - reached financial close on its tenth OFTO, East Anglia One (‘EA1’) deploying £105.7 million of new capital.
During 2022, an additional £1.2 million was invested into the National Digital Infrastructure Fund (‘NDIF’) as part of the Company’s commitment to digital infrastructure.
2021
£ 2.5 bn
148.2 p
In June 2021, the Company reached financial close on a new police headquarters project in Offenbach in South-East Hesse, Germany. The Company invested £8.1 million for a 45% shareholding.
In July 2021, INPP reached financial close on its eighth OFTO, Beatrice OFTO.
In September 2021, the Company entered into an agreement to acquire an additional c.5% stake in Angel Trains.
In November 2021, the Company reached financial close on its ninth OFTO, Rampion OFTO.
In November 2021, the Company acquired additional interests in the Bradford and Lewisham Building schools for the Future projects and interests in three healthcare Private Finance Initiative schemes.
In December 2021, the Company acquired an interest in a portfolio of four Danish public-private partnerships projects. The Company holds a majority interest in the portfolio, which was acquired at a cost of c.£14 million.
In December 2021, the Company acquired a small portfolio of UK PPP investments comprising initially interests in Townlands Community Hospital in Henley ('Townlands'), Eltham Community Hospital ('Eltham') and minority interests in the Building Schools for the Future projects STaG 1 and 2.
In December 2021, the Company reached financial close on the Flinders University Health and Medical Research Building ('HMRB') in South Australia.
2020
£ 2.4 bn
147.1 p
In May 2020, the Company invested a further £6.7 million into BSF Essex Project and increased the Company’s existing investment to 28% on phase 1 and 100% on phase 2 of the project.
In August 2020, the Company invested a further £3.6 million into the BSF Bradford and Lewisham projects.
In October 2020, the Company invested a further £1.1 million into the BSF Blackburn and Darwen projects.
In December 2020, INPP was appointed preferred-bidder on its tenth OFTO, East Anglia One OFTO.
In December 2020, the Company agreed to provide an additional £9.1 million of funding plus a contingent commitment of a further £12.6 million into Diabolo.
During 2020, as part of the Company’s original £45 million commitment, the Company contributed £9.5 million to further invest in three of NDIF’s existing investments.
2019
£ 2.4 bn
150.6 p
During 2019, over £190 million of new capital was raised.
Amber successfully completed c.£281.3 million of additional investments for INPP during the year including:
- £153.2 million additional investment to acquire further interest in Cadent, UK
- £71.5 million senior debt investment made into an OFTO refinancing
- £29.4 million additional investment to acquire further interest BeNEX
- £12.8 million investment into digital infrastructure via the National Digital Infrastructure Fund
- £12.4 million investment into Midlands Batch Priority Schools Project (Batch 4)
- £1.8 million additional investment into Wolverhampton BSF Projects 1 & 2
- £0.2 million additional investment into Luton Building Schools for Future (‘BSF’) project, UK
2018
£ 2.2 bn
During 2018, £116 million of new capital was raised.
Amber sourced investments and commitments for INPP of c.£105 million during the year including:
- £46.2 million investment into Dudgeon Offshore Transmission Project, UK
- £35-40 million commitment to acquire further interest in Cadent, UK
- £1.6 million additional commitment into Offenbach Police Centre, Germany
- £1.7 million additional investment into Hertfordshire Building Schools for Future (‘BSF’) project, UK
- £0.6 million final investment into the second stage of Gold Coast Light Rail, Australia
- £14.8 million investment into digital infrastructure via the National Digital Infrastructure Fund
2017
£ 2.0 bn
During 2017, over £400 million of new capital was raised.
Committed or invested £489.3 million during the year including:
- £274.0 million investment in Cadent gas distribution network (UK)
- £87.0 million additional investment into Reliance Rail PPP Project in Sydney, Australia
- £78.2 million follow-on investment in the Thames Tideway Tunnel (UK)
- £20.8 million follow-on investment was made into the Victoria Schools Project (Australia)
2016
£ 1.6 bn
Committed or invested £489.3 million during the year including:
- £70.2 million follow-on investment in the Thames Tideway Tunnel
- £26.8 million investment in Westermost Rough offshore transmission project
- Acquisition of ten Building Schools for Future ('BSF') projects for £72.3 million
Capitalising on unique primary access to the North American P3 market through the Investment Adviser’s joint venture, with a £24.6 million investment in the US military housing sector.
Further geographical diversification in low-risk, OECD countries with a £4.4 million commitment to invest in the 7.3km extension to the Gold Coast Light Rail PPP concession project in Queensland, Australia.
2015
£ 1.29 bn
The Amber Consortium of which INPP is part, reached financial close on c. £26.5 million of funding in relation to three of the five batches of schools being delivered through the Priority Schools Building Programme ('PSBP').
The Company acquired an additional £14.3 million for 40% investment in the Lewisham BSF project, increasing the Company's overall exposure to between 40% and 50% in the underlying BSF assets.
The Company was awarded preferred bidder status on its sixth offshore transmission asset (Westermost Rough) with investment expected in the fourth quarter of 2015.
A strategic partnership between Amber and Hunt Companies, Inc, was agreed, providing an experienced and well-established partner with strong links to the public sector in the United States, one of the largest growth markets for infrastructure investments.
2014
£ 1.062 bn
Acquisitions during the year included:
- Invested £171 million into Lincs offshore transmission project (c.50% of project value) with European Investment Bank providing senior debt
- Federal German Ministry of Education and Research HQ in Berlin (‘BMBF’) – 97% equity interest and 100% of the subordinated debt for £9.7 million
- Kent BSF– acquired 60% of Kier Project Investments’ 80% interest for £6.8 million. Now own 58% of the project, with Kent County Council owning the remaining 42%
- Wolverhampton BSF – £0.5 million follow-on investment in second phase PFI to design, construct, finance and operate two high schools
Part of consortium appointed on the £700 million Priory Schools Building ‘Aggregator’ Program – INPP will contribute around c.10% of the funding requirements.
Divested non-strategic, minority stakes in several projects including interests in the Hull, Leeds, Newcastle, Rochdale, Sandwell and Leicester Building Schools of the Future projects. In addition, the company’s interest in the subscale Amiens hospital PPP project in France was sold.
Successfully raised £95 million equity via tap issuance to reduce corporate debt facility.
2013
£ 935.4 m
Liverpool Central Library & Archive reached construction completion in January and was officially opened to the public.
£36.5 million of investments made during the year:
- Alberta Schools, Canada – acquired remaining 25% interest in the project for £7.5 million. Now own 100% of the project equity
- Building Schools for the Future ('BSF') – £1.0 million investment into additional stakes of a PFI project. Follows initial investment in 2011
- Northern Diabolo Rail Project, Belgium – acquired remaining 25% economic interest for €33.3 million (£28.0 million)
Raised £46.5 million of new equity for INPP.
2012
£ 861.0 m
Fifth offshore transmission project awarded and fourth project, Ormonde, reached financial close.
Raised £200 million of new equity through Placing, Open Offer and Offer for Subscription.
Further investment in the Building Schools for the Future ('BSF') portfolio.
2011
£ 624.3 m
£100 million corporate debt facility renewed.
£52 million of new equity issued.
New assets acquired during the year include:
- Building Schools for the Future ('BSF') interest acquired – first secondary transaction for the fund
- First UK offshore transmission projects, Robin Rigg, Barrow and Gunfleet Sands
- Interest in Liverpool Library, UK
- Interest in Gold Coast Rapid Transit, Australia
- Eight NHS health schemes, UK
Additional interest in Long Bay Hospital and Long-Bay Forensic Hospital Projects and Royal Melbourne Showgrounds, Australia.
2010
£ 541.9 m
£100 million raised through tap issues, placement and open offer.
Assets in the portfolio grew to 60. New assets acquired during the year include:
- Three NHS LIFT projects based in London
- Moray Schools, Scotland
- Pforzheim Schools, Germany
- Additional investment in BeNEX, the Company’s German rail operating business
2009
£ 420.2 m
BBPP renamed International Public Partnerships; Amber Infrastructure Group assumes role of Fund Investment Advisor.
Number of assets in the portfolio unchanged at 50.
2008
£ 431.8 m
Raised £84 million in additional equity via a C Share Offering.
£100 million corporate debt facility negotiated.
Total number of assets in portfolio increased to 50. New assets acquired during the year include:
- Stake in Brescia Hospital, Italy
- Orange Hospital, Australia
- Additional interest in Diabolo Rail, Belgium
- Portfolio of NHS LIFT assets, UK
- Royal Children's Hospital, Australia
- Interest in Angel Trains, UK
- Interest in schools projects, Canada and Wales
2007
£ 330.4 m
Portfolio increased to 30 PFI and other infrastructure assets including the following new assets:
- Durham court complex, Canada
- Interest in BeNEX rail, Germany
- Dublin Criminal Courts, Ireland
- Medicast Amiens Hospital, France
- Portfolio of nine Australian schools
2006
£ 306.6 m
Babcock and Brown Public Partnerships (BBPP) (now International Public Partnerships Limited) listed on the London Stock Exchange raising £300 million (9 November).
Initial portfolio of 23 PFI and other infrastructure assets including:
- HM Revenue and Customs Offices, Bootle;
- Magistrates Courts, Derbyshire and Hereford & Worcester
- UK police headquarters/stations, Abingdon, Norfolk and North Wales
- Strathclyde Police Training Centre
- Six UK schools projects
- Portfolio of six UK NHS lift projects
- Long-Bay Hospital and Long-Bay Forensic Hospital, RiverCity Motorway Project and Royal Melbourne Showgrounds Redevelopment, Australia
Awards
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2024
British Construction Industry Awards 2024
Project of the Year Award: Winner - Tideway
Environmental Project of the Year Award: Winner - Tideway
NIC Design Principles Award: Winner - Tideway
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2021
edie’s 2021 Sustainability Leaders Awards
Infrastructure Project of the Year: Thames Tideway -
ESG Investing Awards 2021
Best Corporate Sustainability Strategy: Amber Infrastructure
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2019
British Construction Industry Awards
Winners of this years Environment & Sustainability Initiative of the Year Award: Thames Tideway Tunnel
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2018
2018 IJGlobal Awards
Downstream Oil & Gas Deal of the Year: National Grid Gas -
2018 Evening Standard Business Awards
Corporate Citizen of the Year: Thames Tideway Tunnnel
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Learning Environments Australasia Awards
AUS 2018 Category 1: New Construction / Entire New Educational Facility for Mernda Central College
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2017
Victorian School Design Awards
Best Combined School Project for Mernda Central College -
Victorian Awards, Learning Environments Australasia
VIC 2017 Category 1: New Educational Facility Construction / Entire Educational Facility for Mernda Central College
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2016
2016 Partnerships Awards
"Project of Projects" Grand Prix: Tideway Project -
2016 Partnerships Awards
Best Waste/Wastewater/Energy Project: Tideway Project
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2015
2015 PFI Awards
European Infrastructure Deal of the Year: Tideway project -
2015 Infrastructure Investor Awards
Europe Deal of the Year and Global PPP Water Deal of the Year: Tideway project
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2015 IJGlobal Awards
European Water Deal of the Year: Tideway project
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2014
IJGlobal Europe & Africa Awards 2014
Winner, European Social Infrastructure: PSBP Aggregator -
2013
2013 BOMA Earth Award
Presented to JCI for the office building 250,000 - 499,999 sq.ft category: The Durham Region Courthouse -
2013 Property Council of Australia /Rider Levett Bucknall Innovation and Excellence Awards
Best Public Building Award: The Royal Children's Hospital
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European Rail Award
Best European Integration: Infrabel-Diabolo, innovative solution to solve congestion at the heart of Europe (Belgium)
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2012
Emirates Glass LEAF 2012
International Interior Design Award: The Royal Children's Hospital -
National Excellence in Building and Construction Awards NSW
National Commercial/Industrial Construction Award for over AU$100m: The Royal Children's Hospital
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National Excellence in Building and Construction Awards NSW
National Commercial/Industrial Construction Award for Health Buildings for over AU$100m: Orange Hospital and Associated Health Facilities
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Infrastructure Partnerships Australia’s National Infrastructure Award
Infrastructure project of the year: Royal Children's Hospital
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Project Finance
European Renewables Transmission Deal of the Year: Robin Rigg OFTO
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2011
PFI Awards 2011
Asia Pacific Transport Deal of the Year: Gold Coast Rapid Transit Project (GCRT)
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Royal Architectural Institute of Canada in partnership with the Canada Green Building Council 2011
Award of Excellence, Green Building Category: Durham Courthouse
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Annual National Awards for Innovation and Excellence in Public-Private Partnerships by the Canadian Council for Public-Private Partnerships 2011
Silver Award for Service Delivery: Durham Courthouse
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Partnerships Bulletin Awards 2011
Best Education Project: Blackburn with Darwen & Bolton BSF
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PFI Awards 2011
European Government Accommodation Deal of the Year: Federal Ministry of Education and Research in Berlin
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2010
CIBSE Sustainable Awards 2010
New Build Project of the Year: Criminal Courts of Justice, Dublin, -
Annual National Awards for Innovation and Excellence in Public-Private Partnerships by the Canadian Council for Public-Private Partnerships 2010
Gold Award for Infrastructure: Alberta Schools
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Annual National Awards for Innovation and Excellence in Public-Private Partnerships by the Canadian Council for Public-Private Partnerships 2010
Silver Award for Infrastructure: Durham Courthouse
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Project Management Institute Northern Alberta Chapter 2010
PMINAC Project of the Year: Alberta Schools, Government Category Winner
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Canadian Design-Build Institute 2010
2nd place Design-Build Award of Excellence: Durham Courthouse, Community Development Category
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Public Private Finance Awards 2010
Best Education Project: Nottingham BSF
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LIFT Awards 2010
LIFT Award for Design: Brierley Hill Health and Social Care Centre, Dudley LIFT
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2009
LIFT Awards 2009
LIFT Award for Transforming Service Delivery: Hackney Ark, East London LIFT -
LIFT Awards 2009
LIFT Award for Regeneration: Brierley Hill Health and Social Care Centre, Dudley LIFT
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Federal Association Public Private Partnership in Germany (BPPP)
Innovation Award (“Innovationspreis”): PPP Pforzheim because of the implemented innovative approach to energy, heating and ventilation
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2008
Project Finance Magazine
European acquisition deal of the year: Angel Trains -
Jane’s Transport
European Rail deal of the year: Angel Trains
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Project Finance Magazine 2008
North American Social Infrastructure Deal of the Year 2008: Alberta Schools,
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2008 Premier’s Award of Excellence – Province of Alberta, Canada
Gold Recipient: Alberta Schools
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Summit Magazine in cooperation with the Canadian Public Procurement Council
Winner of the 2008 Leadership in Public Procurement Award: Alberta Schools
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Annual National Awards for Innovation and Excellence in Public-Private Partnerships by the Canadian Council for Public-Private Partnerships 2008
Award of Merit for Social Infrastructure Procurement: Alberta Schools
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LIFT Awards
LIFT Award for Innovation: Barkantine Centre, East London LIFT
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2007
PFI Awards
EMEA Transport deal of the year: Diabolo Rail Project
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Annual National Awards for Innovation and Excellence in Public-Private Partnerships by the Canadian Council for Public-Private Partnerships, 2007
Award of Merit for Project Financing: Durham Courthouse

