21st Jun 2018 08:27
LONDON (Alliance News) - HICL Infrastructure Co Ltd said Thursday that Diamond Transmission Partners has been selected as the UK Office of Gas & Electricity Markets' preferred bidder to operate the offshore transmission link at Race Bank Offshore Wind Farm project off the coast of Norfolk.
Diamond Transmission Partners is a consortium. It is comprised of infrastructure investor HICL Infrastructure and power transmission business Diamond Transmission Corp Ltd. Diamond Transmission Corp Ltd is a Mitsubishi Corp subsidiary. Race Bank is their second successful bid together, after the Burbo Bank Extension offshore transmission owner.
HICL Infrastructure said the maximum consideration for its 50% share of the interest in Race Bank offshore transmission owner is GBP30 million.
Diamond Transmission Partners will take ownership of the wind farm's transmission link and receive contractual revenue for a 20 year period.
Diamond Transmission Partners expects to have completed the transmission link acquisition "in early 2019".
HICL Infrastructure shares were up 0.1% at 140.17 pence early Thursday.
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