Hornsea 1 Ltd., a joint venture (JV) owned by Ørsted (50%) and Global Infrastructure Partners (GIP) (50%) has signed an agreement for the sale of its transmission assets to Diamond Transmission Partners Hornsea One Ltd. (DTP).
DTP is a partnership between Diamond Transmission Corp. Ltd., a wholly-owned subsidiary of Mitsubishi Corp., and Chubu Electric Power Co. Inc. The transmission assets hold an asset value of $1.63 billion. The assets include the onshore substation, export cables, the offshore reactive compensation substation (RCS) and three offshore substations.
Hornsea 1 is an offshore wind farm in the U.K., located approximately 120 km off the Yorkshire coast. The wind farm consists of 174 Siemens Gamesa 7 MW wind turbines with an overall capacity of 1,218 MW.
The divestment takes place in accordance with the offshore transmission owner 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.