Acquisition of transmission link for 353MW wind project in UK completed
Diamond Transmission Partners (DTP), a consortium comprising HICL and Diamond Transmission Corporation Limited (a subsidiary of Mitsubishi Corporation), has completed the acquisition of the transmission assets associated with the Galloper Windfarm located off the coast of Suffolk.
The transaction is part of Tender Round 5 of Ofgem's Offshore Transmission Owner (OFTO) programme. HICL previously announced its status as preferred bidder for the OFTO, alongside Diamond Transmission Corporation Limited, in November 2018. The Group's investment was GBP13.6 million (US$17.6 million), funded from the company's cash resources.
The Galloper OFTO facilitates the transmission of enough renewable energy to power over 380,000 UK homes, contributing to the UK's transition to a low-carbon economy.
Under the OFTO regime, DTP takes ownership of the operational transmission asset and receives contractual, availability-based revenues over a 20-year period. DTP does not have exposure to construction risk, electricity production or power price risk. RES (Renewable Energy Systems) will provide certain operations and maintenance services for DTP under a long-term subcontract.
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