A consortium made up of Mitsubishi Corporation and Chubu Electric Power has been selected as the preferred bidder for a new offshore electricity transmission link in the UK.
Valued at approximately GBP 1,217 million, the new offshore electricity transmission asset is comprised of subsea cables, land cables, offshore substations and an onshore substation that connect with the Hornsea One Offshore Windfarm situated approximately 120 km off the UK’s eastern coast.
The consortium will operate this electricity transmission business for a 25-year period following successful acquisition of the asset and the granting of an Offshore Transmission Owner (OFTO) license by the UK’s Office of Gas and Electricity Markets (Ofgem).
With the acquisition of the Hornsea One Offshore Windfarm transmission link, MC will now be operating, through its 100% subsidiary Diamond Transmission Corporation Limited (DTC), nine out of 23 offshore transmission assets in the UK, giving it the largest share of the market.
MC sees its participation in offshore transmission and other businesses that contribute to reducing greenhouse emissions as an opportunity to realize its vision of simultaneously generating economic, societal and environmental value through its businesses.