Agreement for the sale of Race Bank transmission assets

UK: Race Bank Wind Farm Limited, a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%) and Arjun Infrastructure Partners and Gravis Capital Management (12.5%), announced that it has signed an agreement for the sale of its transmission assets to Diamond Transmission Partners.

Diamond Transmission Partners is a 50:50 partnership between Diamond Transmission Corporation Limited (a wholly owned subsidiary of Mitsubishi Corporation) and HICL Infrastructure PLC.

Race Bank is a UK offshore wind farm located off the UK east coast and operated from Ørsted’s East Coast Hub in Grimsby. Race Bank consists of 91 Siemens Gamesa 6 MW offshore wind turbines and has a total capacity of 573 MW.

The transmission assets hold an asset value of $602 M (GBP 472.5 M). The assets include the onshore substation, export cables and the offshore substation.

Source: Reve