Ørsted sells off Race Bank transmission assets

Ørsted has signed an agreement to sell off transmission assets worth over £470mn at its Race Bank Offshore windfarm, situated 16 miles off the Norfolk coast.

It announced the sale on October 10, revealing the assets had been sold to Diamond Transmission Partners and included the onshore substation, export cables and offshore substation. It noted that the sale took place in accordance with the offshore transmission owner regime. Diamond Transmission Partners – a partnership between Diamond Transmission and HICL Infrastructure – was selected by Ofgem as the preferred bidder for the Race Bank offshore transmission license after a competitive tender in June 2018.

The 573MW farm was officially opened in summer 2018 and is capable of powering half a million UK homes.