Agreement for the sale of Walney Extension transmission assets
Diamond Transmission Partners Walney Extension is a partnership between Diamond Transmission Corporation Limited (a wholly owned subsidiary of Mitsubishi Corporation), HICL Infrastructure Company Limited and Chubu Electric Power Co., Inc.
The transmission assets hold an asset value of GBP 447m (100%). The assets include the onshore substation, export cables, and the offshore substations.
The divestment takes place in accordance with the offshore transmission owner ('OFTO') regime. In March 2019, following a competitive tender, Ofgem selected Diamond Transmission Partners Walney Extension as preferred bidder for the Walney Extension offshore transmission licence.
Walney Extension is a UK offshore wind farm located approximately 19km from the Walney Island coast in Cumbria and operated from Ørsted's West Coast Hub in Barrow. Walney Extension consists of 40 8MW MHI-Vestas offshore wind turbines and 47 7MW Siemens Gamesa offshore wind turbines, a total capacity of 659MW, enough to power nearly 600,000 UK homes.
For further information about the OFTO regime, please see this section of Ofgem's homepage.