Transmission Capital Partners Buys Moray East Link

Business & Finance

February 23, 2024, by Adnan Memija

Moray East Offshore Wind Farm, a joint venture between Ocean Winds, Diamond Green Limited, and China Three Gorges, has concluded the transfer of its transmission assets to Transmission Capital Partners (TCP), a consortium comprising Transmission Investment, Amber Infrastructure, and INPP.

The transmission assets include a 220 kV 3-cable connection to the Moray East Wind Farm and the new onshore substation facilities at New Deer in Aberdeenshire.

The divestment of transmission infrastructure is mandatory under UK legislation as prescribed by the Offshore Transmission Owner (OFTO) regime. TCP was selected by UK regulator Ofgem through a tender process and will own and operate the transmission infrastructure for a revenue period of 23 years.

“We are pleased to conclude the transaction of the transmission assets for the Moray East project, closing out the development phase and allowing the project to continue to focus on generating clean renewable power for generations to come,” said Paul Cavanagh, Moray East Asset Director.

The Moray East offshore wind farm is located in the Moray Firth in the northeast of Scotland. The project comprises 100 Vestas V164-9.5MW wind turbines that have been in operation since April 2022.

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Moray East is operated on behalf of the joint venture partners by Ocean Winds from its Fraserburgh operations and maintenance base.

Recently, Ocean Winds agreed to sell 16.6 per cent of its majority stake in the project to Equitix. Following the transcation Ocean Winds will hold a 40 per cent stake in the Scottish offshore wind farm, Diamond Green Limited 33.4 per cent, Equitix 16.6 per cent, and China Three Gorges Corporation (CTG) 10 per cent.

The offshore wind farm can produce 950 MW of renewable energy, enough to power over 1.4 million homes and businesses.