FC for Triton Knoll OFTO

The preferred bidder for the Triton Knoll offshore transmission owner (OFTO) contract has reached financial close with regulator Ofgem for the scheme.

Credit: Getty

The consortium comprising Equitix and TEPCO Power Grid has closed the £600m agreement to provide the transition infrastructure connecting 90 offshore turbines to the Grid.

Under the deal, the partners will look after two offshore substations, two 220kV subsea export cable circuits, one onshore substation, and two 400kV export cable circuits connecting the onshore substation to the National Grid.

“Equitix has consistently played a major role in attracting foreign direct investment into UK infrastructure for the past 15 years and our partnership with TEPCO on this investment is an excellent testament to that,” said Achal Bhuwania, chief investment officer at Equitix.

Equitix will be the 80% majority shareholder in Triton Knoll OFTO, with TEPCO PG owning the remaining 20%. The consortium will own and operate the link for the next 23 years.

Lenders on the deal were Japan Bank for International Cooperation (JBIC), Aviva Investors, SMBC, Societe Generale and Barclays. Project developers were led by RWE Renewables, with J-Power and Kansai.