Ofgem has determined to grant an offshore transmission licence to Seagreen Phase 1 Offshore Electricity Transmission (OFTO) Project Limited.
Seagreen Phase 1 OFTO Project Limited is the proposed licensee entity established by a consortium consisting of Equitix Investment Management, Kyuden International Corporation and Kyuden T&D Global.
In December 2023 Ofgem announced that the consortium was the preferred bidder in Tender Round 9 for the Seagreen 1 Offshore Electricity Transmission (OFTO) project.
The 1GW Seagreen offshore wind farm off Scotland has been developed by a joint venture between SSE Renewables and TotalEnergies.
The wind farm’s transmission assets consist of three cables, each roughly 64 km long, carrying power from the offshore wind farm to landfall and a further 20 km inland to the onshore substation in Angus, Scotland.
At asset transfer, the consortium Equitix will receive a minimum 24-year contracted revenue, with the potential to extend alongside the operational wind farm.