Moray East Offshore Wind Farm completes transmission assets sale to Transmission Capital Partners
In a significant move for the UK’s renewable energy sector, Moray East Offshore Wind Farm, a joint venture among Ocean Winds, Diamond Green Limited, and China Three Gorges, has announced the successful transfer of its transmission assets to Transmission Capital Partners (TCP). This consortium includes notable entities such as Transmission Investment, Amber Infrastructure, and International Public Partnerships (INPP).
Positioned in the Moray Firth, northeast of Scotland, Moray East Offshore Wind Farm is a cornerstone in the UK’s commitment to renewable energy. Operated by Ocean Winds from its Fraserburgh Operations & Maintenance Base, the farm’s 100 turbines have a production capacity of 950MW. This output is capable of powering over 1.4 million homes and businesses with clean energy, marking a significant contribution to the nation’s energy sustainability efforts.
The transmission assets, pivotal for the efficient distribution of generated power, were developed amidst challenging circumstances. This feat was accomplished by the dedicated Moray East project team, which managed to design, finance, and construct a 220kV 3-cable connection to the wind farm, alongside new onshore substation facilities at New Deer in Aberdeenshire. The divestiture of these assets aligns with UK legislation, specifically the Offshore Transmission Owner (OFTO) regime, which mandates the separation of generation and transmission ownership to encourage competition and efficiency in the sector.
UK regulator Ofgem selected TCP for this role through a competitive tender process, entrusting it with the ownership and operation of the transmission infrastructure for a revenue period of 23 years. This selection underscores TCP’s capability and commitment to supporting the UK’s renewable energy infrastructure.
Paul Cavanagh, Moray East Asset Director, expressed satisfaction with the conclusion of the transaction, stating, “We are pleased to conclude the transaction of the transmission assets for the Moray East project, closing out the development phase and allowing the project to continue to focus on generating clean renewable power for generations to come.”
This transaction not only marks the culmination of the development phase for the Moray East project but also signifies a step forward in the UK’s journey towards sustainable and renewable energy sources. It showcases the collaborative efforts between government, regulatory bodies, and private entities to enhance the nation’s energy infrastructure and move towards a cleaner, sustainable future.
The successful transfer of transmission assets from Moray East Offshore Wind Farm to Transmission Capital Partners is a testament to the robustness and attractiveness of the UK’s renewable energy sector. It exemplifies the effective collaboration between the public and private sectors, paving the way for future investments in sustainable energy infrastructure. This strategic move not only ensures the efficient operation and maintenance of essential transmission infrastructure but also reinforces the UK’s commitment to achieving its renewable energy targets, setting a benchmark for similar projects globally.