The operators of the 573MW Race Bank offshore wind farm off the English east coast have agreed to sell the project’s grid assets to Diamond Transmission Partners.
The sale of the assets, which have a value of £472.5m, is in accordance with the offshore transmission owner (OFTO) regime.
In June last year, UK energy regulator selected Diamond Transmission Partners as preferred bidder for the Race Bank offshore transmission license following a competitive tender.
The assets include Race Bank’s onshore and offshore substation and the export cables.
Diamond Transmission Partners is a 50:50 partnership between Diamond Transmission Corporation, a wholly-owned subsidiary of Mitsubishi Corporation, and HICL Infrastructure.
Race Bank is owned by Orsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%) and Arjun Infrastructure Partners and Gravis Capital Management (12.5%).
The wind farm comprises 91 Siemens Gamesa 6MW turbines and has been fully operational since last year.