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.

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%).