Equitix and its partner TEPCO PG have attained financial close on the £600m ($755.53m) Triton Knoll offshore OFTO project.
The project includes two offshore substations and two 220kV subsea export cable circuits, each 50km in length.
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By GlobalDataThese connect to two onshore cable circuits measuring 57km, one onshore substation and two 400kV export cable circuits that further connect to the National Grid Bicker Fen onshore substation.
The assets transmit the electricity generated from the 857MW Triton Knoll wind farm onshore.
It is powered by 90 turbines and began operations in January 2022. Power from the wind farm can meet the needs of 800,000 homes, contributing to the UK’s 2050 net-zero target.
Equitix will have an 80% interest in the project and TEPCO PG will own the remaining 20% stake.
The partners will own and operate the offshore transmission link until 2046. Electricity Distribution Services, a subsidiary of James Fisher, will provide operation and maintenance services for the offshore transmission assets.
Equitix chief investment officer Achal Bhuwania stated: “We are delighted with the financial close of our investment in Triton Knoll OFTO which makes material contributions towards achieving the UK’s net-zero ambitions.
“Equitix has consistently played a major role in attracting foreign direct investment into UK infrastructure for the past 15 years, and our partnership with TEPCO on this investment is an excellent testament to that.”
The project was also supported by the Japan Bank for International Cooperation (JBIC), Aviva Investors, the Sumitomo Mitsui Banking Corporation, Société Générale and Barclays.
The partners had recently acquired the project from German utility RWE. In 2021, UK-based Equitix and Japan’s TEPCO PG were selected by Ofgem to own and operate the transmission infrastructure.
RWE was mandated to divest the transmission project under UK legislation and the sale was conducted under the offshore transmission owner regime.
RWE expects to receive £572.7m (€669.44m) as a consideration.
