£459m deal for high voltage transmission link to London Array secured by favoured consortium
The consortium Blue Transmission London Array – comprising Barclays infrastructure Funds Management and a UK subsidy of Mitsubishi Corporation – has been named by Ofgem as the owners and operators of the new £459m high voltage link to the London Array offshore wind farm, after a sell off by the London Array joint venture.
We grant record £459m transmission assets licence for world's largest offshore wind farm (London Array) – http://t.co/sxaipOlez0
— ofgem (@ofgem) September 10, 2013
With 175 turbines, the London Array is the largest of its kind in the world. The installation of the turbines constituted phase 1 of the project and was completed by London Array: DONG Energy, E.ON and Masdar. Masdar is a state-backed company in Abu Dhabi.
Ofgem Chairman, Lord Mogg, said:
This is a significant milestone. With a value of £459 million, these are the highest value assets to have been tendered under the offshore regime to date, bringing the total value of new investment attracted into the sector to over £1 billion.
In September 2012, Ofgem announced the Blue Transmission as their preferred bidders for the deal out of four contenders.
The European Investment Bank provided half of the debt funding for the purchase.