Friday 11 October 2019

Sale of Race Bank transmission assets agreed

An agreement for the sale of the 573MW Race Bank wind farm's transmission assets has been signed.

Joint Venture Race Bank Wind Farm Limited, which is half-owned by Ørsted, is to sell the infrastructure to Diamond Transmission Partners.

The Race Bank company is also 25% owned by Macquarie European Infrastructure Fund 5, 12.5% owned by a fund controlled by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan and 12.5% owned by Arjun Infrastructure Partners and Gravis Capital Management.

The transmission assets are worth £472.5 million and include the onshore substation, export cables and the offshore substation - the new owner is a split partnership between Diamond Transmission Corporation Limited and HICL Infrastructure PLC.

Diamond Transmission Partners was originally selected as preferred bidder for the offshore transmission license by Ofgem in June 2018, following a competitive tender.