International Public Partnerships — Significant new investment opportunity

International Public Partnerships (INPP) has been selected as a preferred bidder on the Sizewell C nuclear power station, a landmark infrastructure project critical to strengthening the UK’s energy security and to meeting the government’s net zero targets. INPP will take a c 3% equity stake in the Sizewell C regulated company and has committed to invest c £250m over the next five years. It expects to fund this through capital recycling, with the share repurchase programme remaining in place. The investment is structured under a regulated model and is expected generate predictable, long-term, inflation-linked cash flows, protected against construction and nuclear-specific risks, and provide capital upside. We expect the ability to recycle capital into attractive, new, long-term investment opportunities, in addition to its immediately accretive share repurchases, to support a continued re-rating of INPP shares.