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24 November 2022

International Public Partnerships Limited ('INPP', the 'Company'), the FTSE 250 listed investment company which invests in public or social infrastructure assets and related businesses internationally, has today issued a portfolio update for the period 1 July to 22 November 2022.


  • The Company's portfolio of over 140 projects and businesses has continued to perform well during the period.

  • The portfolio continues to deliver essential services to its stakeholders, maintaining high levels of asset availability.

  • In line with previous forecasts, a first half-year 2022 dividend of 3.87 pence per share was declared on 8 September 20221 representing a c.2.5% year-on-year increase.

  • The Company's dividend continues to be supported by a robust H1 2022 cash dividend cover of 1.2x.

  • The Company has delivered a Total Shareholder Return2 since IPO in November 2006 to 22 November 2022 of 228.5% or 7.7% on an annualised basis.

  • During the period, the Company invested c.£42 million in a follow-on accretive investment into Tideway.

  • The Company has investment commitments and a near-term investment pipeline totalling over £200 million in the transport, offshore transmission, and social infrastructure sectors, and has a strong overall pipeline of future investment opportunities which match the Company's investment criteria.


The Company's investment portfolio valuation is determined semi-annually by the Directors after advice from the Investment Adviser and is reviewed by the Company's auditors. This semi-annual valuation is published within the Company's interim and annual accounts, the last of which was published with the Company's half-year results ending 30 June 2022 on 8 September 2022. This reported that:

  • The net asset value ('NAV') per share was 157.3 pence as at 30 June 2022.
  • The cash flows generated by the Company's investment portfolio continue to be underpinned by strong inflation-linkage (a 1.0% increase in assumed inflation rates across all assets is projected to result in a 0.7% increase in portfolio returns4).
  • The Company previously announced full-year dividend targets of 7.74 and 7.93 pence per share for 2022 and 2023, respectively. This is in line with the current targeted annual increase of c.2.5%5.
  • As at 22 November 2022, the Company's £250 million revolving credit facility was undrawn, with c.£17 million committed via letters of credit for near-term pipeline investments.


Since 1 July 2022, the Company invested a total of c.£42 million and completed a divestment from its commitment to the National Digital Infrastructure Fund ('NDIF'). Please see more information below.

  • In September 2022, the Company increased its holding in Tideway, London's new "super sewer", to approximately 18% following the investment of approximately £42 million of additional capital. The project is a key investment for the Company given its attractive financial proposition, positive future impact on the environment and strong engagement with local communities, which closely reflects the Company's own values as a responsible investor.
  • In September 2022, the Company noted the sale of NextGenAccess ('NGA') which owns and operates a network of ultrafast wholesale fibre broadband infrastructure across England and Wales. INPP was invested in NGA via its commitment to NDIF, part of the UK Government's Digital Infrastructure Investment Fund which has successfully accelerated investment into fibre-optic based broadband networks and related businesses to build the next generation of digital networks in the UK.
  • In November 2022, Ofgem published a notice under Section 8A of the Electricity Act 1989 relating to the East Anglia One OFTO. This is a key step towards reaching financial close on the investment that the Company expects to make in the project. The Company expects to invest c.£105 million into the project upon financial close, anticipated to be in December 2022. The project will be the Company's tenth OFTO investment, and under a well-established regulatory licensing regime, connects the 714MW offshore wind farm located c.50km off the coast of Suffolk. The East Anglia One OFTO has the capacity to transmit enough renewable electricity to power the equivalent of over 600k homes.


  • The Company notes the increase in interest rates and government bond yields over recent months, and sets out below the elements of the Company's investments that could primarily be impacted as a result:
    • the discount rates applied to the forecast cash flows in order to determine the portfolio's valuations;
    • the amount of interest earned from cash held; and/or
    • the cost of any new or replacement debt that needs to be procured.
  • The Company notes that discount rates have not historically moved in lockstep with government bond yields and that demand for infrastructure assets remains very strong. The Company also notes that increased cash flows resulting from higher inflation expectations, foreign exchange gains derived from the weakening of sterling, and greater interest earned from cash balances may play a mitigating role in any potential future discount rate valuation movements. The Company will formally review the discount rates used to value its investment portfolio as part of the 31 December year-end reporting.
  • There is no material refinancing risk within the Company's PPP or OFTO investments as these investments typically benefit from fixed-rate senior debt entered into at Financial Close which amortises to nil over the relevant concession or licence period. These collectively represent approximately 60% of the portfolio's investment fair value.
  • There are other investments in the portfolio which do not have a pre-determined concession term or licence period, and hence will contain an element of refinance exposure. This statement applies principally to Cadent, Tideway, Angel and BeNEX.
  • These companies have various tranches of debt with different maturity dates, and there is no immediate need to refinance any material portion of debt in the four companies referenced. The increases in the cost of debt have a limited impact on current debt costs (as the vast majority of debt is either fixed rate or hedged) but could impact these businesses when existing debt is refinanced. However, (i) the regulated revenues earned by Cadent and Tideway are frequently adjusted by the regulator to compensate for changes in the market cost of debt, and (ii) businesses such as Angel and BeNEX that operate in industries with high barriers to entry would typically expect to be able to pass on a majority of changes in their cost base to counterparties.


  • The Company's portfolio has proven its resilience thanks to the high quality of underlying cash flows which are underpinned by regulated or contracted government-backed cash flows. This generates consistent and predictable returns benefiting from strong levels of inflation indexation.
  • Competition and demand for the types of investments the Company invests in remains high and the Company has a strong pipeline of attractive investment commitments and future opportunities covering the social accommodation, health, offshore transmission and transport sectors located in the Company's target geographies.
  • Governments continue to acknowledge the key role infrastructure spending will play in driving economic recovery, creation of jobs and addressing challenges such as climate change.
  • As previously announced, the Company is now categorised as an Article 8 financial product and the Company and its Investment Adviser will continue to monitor the emerging requirements of the EU SFDR and EU Taxonomy Regulation.

Notes to Editors:

While it is no longer a requirement under the Disclosure Guidance and Transparency Rules for the Company to issue Interim Management Statements, the Board believes it is in the interest of shareholders for the Company to provide quarterly updates in addition to its half year reports.

  1. The H1 2022 dividend was paid on 18 November 2022.
  2. Source: Bloomberg. Share price appreciation plus dividends assumed to be reinvested.
  3. For the six months to 30 June 2022 unless stated otherwise.
  4. Calculated by running a 'plus 1.0%' inflation sensitivity for each investment and solving each investment's discount rate to return the original valuation. The inflation-linked return is the increase in the portfolio weighted average discount rate.
  5. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in future.
For further information:
Erica Sibree/Amy Edwards

T: +44 (0) 7557 676 499 / (0) 7827 238 355
Amber Fund Management Limited
Hugh Jonathan

T: +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop

T: +44 (0) 7703 330 199 / (0) 7807 296 032
FTI Consulting

About International Public Partnerships:

INPP is a listed infrastructure investment company that invests responsibly in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in over 140 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both growing dividends and the potential for capital appreciation.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of approximately 170 staff who are responsible for the management of, advice on and origination of infrastructure investments.

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