Hornsea 1 recently announced that it has signed an agreement for the sale of its transmission assets to Diamond Transmission Partners Hornsea One Limited (DTP).
DTP is a partnership between Diamond Transmission Corporation (a wholly-owned subsidiary of Mitsubishi Corporation) and Chubu Electric Power Co.
The transmission assets hold an asset value of GBP 1.175 billion. The assets include the onshore substation, export cables, the offshore reactive compensation substation (RCS), and three offshore substations.
The divestment takes place in accordance with the offshore transmission owner (‘OFTO’) regime. In February 2020, following a competitive tender, Ofgem selected DTP as the preferred bidder for the offshore transmission license for the Hornsea 1 Offshore Wind Farm.
Ørsted will provide DTP with operations and maintenance services for the transmission assets under a long-term agreement.