Ofgem favours Diamond Transmission Partners bid for Race Bank OFTO

Ofgem has selected Diamond Transmission Partners as the preferred bidder to own and operate the high voltage transmission link to the Race Bank offshore wind farm for the next 20 years.

Diamond Transmission Partners, a consortium comprising Mitsubishi Corporation and HICL Infrastructure Company Limited, was selected by Ofgem through the offshore transmission owner (OFTO) tender process.

The operational Race Bank wind farm, located 27km off the coast of Norfolk, consists of 91 6MW turbines and has a capacity of 573MW.

The developer of the wind farm and the link is a consortium formed by Ørsted, Macquarie European Infrastructure Fund 5, Macquarie Capital, and Sumitomo Corporation. The consortium’s initial estimated transfer value of the transmission assets is £530.4m. Once the final value of the assets has been agreed by Ofgem, the preferred bidder would pay the final transfer value to the developer once the bidder’s OFTO licence has been granted.

Subscribers can use our Tendered Network Asset database to find out more details about all the UK’s tendered network assets.

 

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