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News & insights

Date: February 2024 | Client: Ofgem | Sector: Energy | Energy networks | Energy transition & flexibility | Expertise: Finance & transaction advisory

Consortium acts on the completed transfer of an offshore transmission link

CEPA is proud to have been part of the Smith Square Partners' Consortium that acted as financial advisor to Ofgem on the £666 million transfer of Moray East offshore wind farm transmission link from MOWEL, a joint venture company owned by Ocean Winds (40%), Diamond Green Limited (33.4%), Equitix (16.6%) and China Three Gorges (10%) to Transmission Capital Partners (“TCP”).
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.

The Smith Square Partners Consortium has been advising Ofgem in relation to 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 11. Its advice has related to transmission assets for eight offshore wind farms with a projected generation capacity of 7.9 GW and combined asset values of c. £6.1 billion.

To find out more, please contact our experts listed below.

Nick Hodges
Managing Consultant United Kingdom