Ofgem has named Equitix as the preferred bidder for the Neart na Gaoithe Offshore Transmission Owner (OFTO) project, valued at approximately £450m.
The 448MW Neart na Gaoithe offshore wind farm, developed by EDF Renewables UK and ESB through a 50:50 joint venture, is located about 16km off the Fife coast and can power around 375,000 Scottish homes.
Under the terms of the transfer, Equitix will acquire the transmission assets and be granted a transmission licence.
The package includes offshore substations, around 38km of offshore export cables, 13km of onshore cables, the onshore substation, and associated infrastructure connecting into SPEN’s Crystal Rig substation.
Achal Bhuwania, chief investment officer at Equitix, said: “Being named preferred bidder on Neart na Gaoithe OFTO marks another proud step in Equitix’s journey driving the UK’s renewable future. Including Dogger Bank A, this will be Equitix’s eighth OFTO and a fourth consecutive win for our team in the sector.”
He added: “This demonstrates our conviction in the UK mid-market and is a validation of our strong market positioning, wherein we have been able to consistently source differentiated investments for our clients.”
Equitix said the addition of Neart na Gaoithe strengthens its leadership in the OFTO sector, expanding its portfolio to almost 3GW of transmission capacity.
The company’s wider renewable energy portfolio now totals more than 12.5GW, delivering clean and reliable energy across the UK.