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Ørsted to sell transmission assets of UK wind farm

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Ørsted to sell transmission assets of UK wind farm

Ørsted A/S and other owners of the 573-MW Race Bank Offshore wind farm in the U.K. agreed to sell the transmission assets associated with the wind facility to Diamond Transmission Partners.

Diamond Transmission Partners is a 50/50 partnership between Diamond Transmission Corp. Ltd. and HICL Infrastructure PLC. Diamond Transmission Corp. is owned by Mitsubishi Corp. HICL is a U.K. infrastructure investment company.

The assets have an overall value of £472.5 million and include an onshore substation, export cables and an offshore substation, according to an Oct. 10 news release by Ørsted. The sale will take place in accordance with the U.K.'s offshore transmission owner regime, under which ownership of transmission assets for offshore wind resources is transferred, through a competitive process, from the original project developer to a third party.

The wind farm is owned through a joint venture led by Ørsted, with a 50% share. Other venture partners include Macquarie European Infrastructure Fund 5 LP, Sumitomo Mitsui Banking Corp. (China) Ltd. Development Bank of Japan, Arjun Infrastructure Partners Ltd. and Gravis Capital Management Ltd.