Swedish utility, Vattenfall has finished transferring UK transmission assets to Transmission Capital Partners (TCP), in a deal worth $160M (£103.9m).
Under the terms of the deal, TCP will now own and operate the 42km subsea export cable and onshore and offshore substations connecting the 150MW Ormonde Offshore wind farm.
The transfer process, known as Offshore Transmission Owner, follows an assessment by UK-based government regulator Office of Gas and Electricity Markets (Ofgem).
TCP will operate the transmission cable and the substations for a period of 20 years, under the terms of the licence granted to Ofgem.
The so-called “unbundling” deal is in line with government policy that requires separation of generation and transmission assets.
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