News & insights
Date: December 2023 | Client: Ofgem | Sector: Energy | Expertise: Regulation & competition
£573 million transfer of Triton Knoll offshore wind farm transmission link completed
Ofgem has announced its confirmation to grant an offshore transmission licence to ETEPCO. This sees the transfer of the £573 million offshore transmission link from RWE Renewables, the developer of the Triton Knoll offshore wind farm, to London-based Equitix Ltd and TEPCO Power Grid, a Japanese utility company headquartered in Tokyo.
The Triton Knoll wind farm consists of 90 turbines, has a capacity of 857MW and is located 33km from the Lincolnshire coast in the North Sea.
The Consortium comprises financial advisers Smith Square Partners and Centrus, with CEPA providing financial and related economic advice, tax advice provided by BDO and forensic cost reviews provided by Grant Thornton. It has been advising Ofgem about sales of offshore wind farm transmission assets since 2020 when it was first appointed by Ofgem for Tender Round 7 and continues to advise on tender rounds up to and including Tender Round 10. Its advice has related to transmission assets for seven offshore wind farms with a projected generation capacity of 6.7 GW and combined asset values of c. £5.2 billion.
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