PB for Triton Knoll OFTO
Regulator Ofgem has appointed a preferred bidder for the offshore transmission owner (OFTO) contract for the Triton Knoll Offshore Windfarm in the North Sea.
A joint venture between Equitix and Tepco Power Grid will connect a new £577m transmission line from the coast of Lincolnshire to the windfarm, a distance of around 32km, including subsea cables and substations.
Equitix will take an 80% stake in the venture with Japanese firm Tepco picking up the remaining shares.
The deal is Tepco’s first investment in the sector outside Japan, as the firm looks to “strive to further expand its global presence by leveraging the experience and achievements gained through this venture”.
According to an indicative timeline, the asset will be transferred to the consortium in Spring 2022, following which a 23-year concession will start.