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Diamond Transmission Partners acquire UK’s Race Bank link [free access]

October 10, 2019

Race Bank Wind Farm Limited has signed an agreement with Diamond Transmission Partners (DTP)—a consortium comprising Diamond Transmission Corporation Limited (a wholly owned subsidiary of Mitsubishi Corporation) and HICL Infrastructure Company Limited (HICL))—for the sale of transmission assets associated with the Race Bank offshore wind farm. The transmission assets, valued at GBP472.5 million, include the export cables, and the onshore and offshore substations.

 

DTP was selected as the preferred bidder to own and operate the high voltage (HV) transmission link to the Race Bank offshore wind farm for the next 20 years, by the British energy market regulator Office of Gas and Electricity Markets (Ofgem) in June 2018.

 

The Race Bank wind farm, located 27 km off the coast of Norfolk, consists of 91x6 MW turbines and has a capacity of 573 MW. The developer of the wind farm and the link is a consortium comprising Denmark-based power company Ørsted, UK-based Macquarie European Infrastructure Fund 5, Japan's Sumitomo Corporation, and funds advised by the UK-based Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management.

 

The project, commissioned in February 2018, can produce enough power for over 500,000 UK homes.

 

(GBP1=USD1.26)