Preferred bidder selected for USD771 million offshore transmission project in UK

A consortium made up of Equitix Limited (Equitix) and TEPCO Power Grid, Inc. has been selected as the preferred bidder for a new offshore electricity transmission link in the UK.

The new offshore electricity transmission asset valued at approximately GBP577 million (USD771.98 million) is comprised of subsea cables, land cables, offshore substations and an onshore substation, which connect with the 857 MW Triton Knoll Offshore Wind farm located approximately 32 km from the UK shoreline at its closest point (off the coast of Lincolnshire). The wind farm is capable to provide enough electricity to meet the energy needs of up to 800,000 average households annually.

The consortium will operate this electricity transmission business for a 23-year period starting from 2022, following the successful acquisition of the asset and the granting of an Offshore Transmission Owner (OFTO) license by the UK’s Office of Gas and Electricity Markets (Ofgem).