Agreement for the sale of Race Bank transmission assets

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%), announced that it has signed an agreement for the sale of its transmission assets to Diamond Transmission Partners. 

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

The transmission assets hold an asset value of GBP472.5m. The assets include the onshore substation, export cables and the offshore substation.

The divestment takes place in accordance with the offshore transmission owner (‘OFTO’) regime. In June 2018, following a competitive tender, Ofgem selected Diamond Transmission Partners as preferred bidder for the Race Bank offshore transmission license.

Race Bank is a UK offshore wind farm located approx 17 miles off the UK east coast and operated from Ørsted’s East Coast Hub in Grimsby. Race Bank consists of 91 Siemens Gamesa 6MW offshore wind turbines and has a total capacity of 573MW, enough to power over half a million UK homes.