Diamond Transmission Partners completes takeover of Race Bank Offshore Wind Farm transmission link

Diamond Transmission Partners (DTP), a 50/50 joint venture between Japanese Mitsubishi Corp's subsidiary Diamond Transmission Corporation (DTC) and HICL Infrastructure, has acquired the ownership of the Race Bank Offshore Wind Farm transmission link in the UK. 

The asset was acquired from Ørsted, one of the Race Bank shareholders, for a total consideration of GBP 472.5 million (US$588.9 million) that includes an onshore substation, export cables, and an offshore substation.

DTP was selected after a competitive offshore transmission owner (OFTO) tender in June 2018. The winning bid entitles the owner to the project for a period of over 20 years. HICL Infrastructure, Renewable Energy Systems (RES) will deliver the operations and maintenance (O&M) services for the assets under a long-term subcontract.