Hornsea 1 Limited, a 50/50 joint venture owned by Ørsted and Global Infrastructure Partners (GIP), has entered into an agreement for the sale of its transmission assets to Diamond Transmission Partners Hornsea One Limited (DTP).
DTP is a partnership between Diamond Transmission Corporation, a wholly-owned subsidiary of Mitsubishi Corporation, and Chubu Electric Power.
The transmission assets hold an asset value of GBP1.175bn ($1.63bn) and include the onshore substation, export cables, the offshore reactive compensation substation, and three offshore substations.
Ørsted said the divestment is in line with its offshore transmission owner regime. In February 2020, following a competitive tender, Ofgem selected DTP as preferred bidder for the offshore transmission licence for the Hornsea 1 Offshore Wind Farm.
Ørsted will provide DTP with operations and maintenance services for the transmission assets under a long-term agreement.