UK’s Ofgem has granted the £308m licence to own and operate transmission link for the 270MW Lincs wind farm to TC Lincs Offshore Transmission Owner (OFTO).

Situated 8km off the coast of Skegness in England, the offshore farm is equipped with 75 wind turbines producing 270MW, which can provide power for 200,000 households.

TC Lincs OFTO will receive an annual payment of £24m for the project, subject to achieving required performance standards.

The Lincs project was tendered under the second tender round of the Offshore Transmission Owner (OFTO) regime. It is the tenth offshore transmission scheme to reach financial close.

"TC Lincs OFTO will receive an annual payment of £24m for the project."

The OFTO regime has delivered over £1.7bn investment to date, resulting in considerable consumer savings.

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The offshore regulatory regime has been developed by DECC and Ofgem and was launched in 2009. It uses competitive tendering for licensing offshore electricity transmission.