Orsted agrees $521m deal to sell UK transmission assets

Danish group will sell Race Bank link and substations to Diamond Transmission Partners

Denmark’s Orsted has signed an agreement to sell for £472.5m ($521m) the transmission assets at its Race Bank offshore wind farm off northeast England to Diamond Transmission Partners.

The transmission assets for the 573MW Race Bank include the onshore substation, export cables and the offshore substation.

'Questions remain' over UK blackout part-caused by offshore wind giant

Read more

Diamond Transmission Partners is a 50:50 partnership between Mitsubishi Corporation, and HICL Infrastructure.

UK energy regulator Ofgem chose Diamond Transmission Partners as the preferred bidder for the Race Bank offshore transmission license last year after a competitive tender.

Race Bank is owned by Orsted (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%).

Read Next

Equinor gives go-ahead for floating wind’s offshore oil debut

Energy giant takes FID on 88MW Hywind Tampen project to part-power five fields in Norwegian Sea

11 Oct 06:09 GMT