Ørsted and partners divest Race Bank Offshore Wind Farm transmission link

Race Bank Wind Farm Limited, a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%) and Arjun Infrastructure Partners and Gravis Capital Management (12.5%), has signed an agreement for the sale of its transmission assets to Diamond Transmission Partner for a value of GBP472.5 million (US$587.44 million). The assets include Race Bank's onshore and offshore substation and the export cables.

Diamond Transmission Partners is a 50/50 partnership between Diamond Transmission Corporation Limited (a wholly-owned subsidiary of Mitsubishi Corporation) and HICL Infrastructure PLC.

Race Bank Offshore Wind Farm consists of 91 Siemens SWT-6.0-154 units of 6 MW each, and an overall capacity of 573 MW. The array is located in the North Sea, 27 km north of Blakeney point off the coast of Norfolk, and 28 km east of Chapel St. Leonards off the coast of Lincolnshire. Covering a total area of 75km2, the wind farm generates enough electricity to power half a million homes in the UK annually while offsetting about 800,000 tonnes of CO2 emissions and 20,000 tonnes of SO2 emissions every year.