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Contract Wins and Joint Ventures

HICL consortium preferred bidder for Burbo Bank OFTO

26 July 2017 09:20

Diamond Transmission Partners - a consortium comprising HICL Infrastructure Co and Diamond Transmission Corporation, a subsidiary of Mitsubishi Corporation - has been selected by Ofgem as the preferred bidder to own and operate the offshore transmission link to the Burbo Bank Extension windfarm.

HICL said: "Under the offshore transmission owner (OFTO) regime, the OFTO takes ownership of an operational transmission asset and receives contractual, availability-based revenues over a 20-year period.

"The OFTO does not have exposure to construction risk, electricity production or power price risk."

HICL said it also partnered with Diamond Transmission Corporation Limited to participate in phase one of Tender Round 5, which comprised three further bids for OFTO assets.

HICL said the consideration for its 50% share of the interest in Burbo Bank OFTO was expected to be up to £13m.

Completion of the acquisition was expected in early 2018.

At 9:20am: (LON:HICL) HICL Infrastructure Co Ltd share price was +0.15p at 160.65p

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