OFGEM has announced that Equitix Investment Management Limited Consortium has been named as preferred bidder in Tender Round 10 for the Neart na Gaoithe offshore electricity transmission (OFTO) assets.
Neart na Gaoithe (NnG) offshore wind farm is a joint venture between EDF power solutions UK and ESB comprising 54 turbines with a maximum installed capacity of 450MW, equivalent to generating enough renewable power for more than 375,000 homes.
The transmission assets consist of two offshore substations located at the NnG wind farm. Each offshore substation is connected via a 220kV export cable cables to Thortonloch Beach in East Lothian. The two 220kv offshore export cables are connected to two 220kV onshore cables routed to onshore substation located in the Lammermuir Hills in East Lothian. A 400kV cable connects the NnG onshore substation to the national grid.
At Asset Transfer, Equitix Investment Management Limited Consortium, will receive a minimum 24-year contracted revenue, with the potential to extend alongside the operational wind farm.
Preferred bidder status for the offshore transmission licence for NnG follows a competitive tender process. Formal acquisition of the assets and grant of an OFTO license will be expected after negotiations and contracts with regulatory authorities in the UK and the offshore wind farm developer, among others.