Transmission Capital
    

18 July 2011

Gunfleet Sands Offshore Transmission project reaches financial close

Transmission Capital Partners has achieved financial close on the £49.5m Gunfleet Sands offshore transmission project. This is the second project under Britain's offshore transmission ("OFTO") system following Transmission Capital's Robin Rigg project earlier this year.

Transmission Capital Partners, the consortium comprising Transmission Capital, International Public Partnerships Limited and Amber Infrastructure has achieved financial close on the Gunfleet Sands offshore transmission project. This is the second Offshore Transmission Owner (OFTO) Licence to be awarded under the competitive tender process managed by energy regulator Ofgem for the licensing of high voltage transmission links with offshore wind farms in GB and follows the Robin Rigg OFTO Licence that was also awarded to Transmission Capital Partners earlier this year.

The project relates to the connection of the Gunfleet Sands offshore wind farm, located 7km off the coast of Clacton-on-Sea, Essex. The transmission assets comprise the onshore and offshore substations and under-sea cables connecting the 172MW capacity offshore wind farm with the onshore grid network. The OFTO Licence will be held by a newly created company, TC Gunfleet Sands OFTO Limited, which has acquired the £49.5 million link from the wind farm owner Dong Energy.

The Transmission Capital consortium has been awarded preferred bidder status for a further two OFTO projects in the inaugural tender round which, together with Gunfleet Sands and Robin Rigg, have an investment value in excess of £250 million. The consortium is also shortlisted for the first three projects under Ofgem’s second OFTO tender, with a total value in excess of £1 billion, which are due to be awarded in 2011 and 2012.

[ Link to Ofgem press release.]