Orrick has advised Walney Extension Limited, a joint venture owned by Ørsted (50%) and Danish pension funds, PKA (25%) and PFA (25%), on the sale of its transmission assets to Diamond Transmission Partners Walney Extension, a partnership between Mitsubishi subsidiary Diamond Transmission, HICL Infrastructure and Chubu Electric Power.
Walney Extension is a UK offshore wind farm with a total capacity of 659MW, enough to power nearly 600,000 homes. The transmission assets, valued at £447 million, include the onshore and offshore substations and export cables. The divestment took place in accordance with tender round 5 of the offshore transmission owner (OFTO) regime, with Diamond Transmission Partners Walney Extension selected by Ofgem, following a competitive tender.
The Orrick team advising Walney Extension was led by partners Ravinder Sandhu
(Energy & Infrastructure) and Simon Folley
(Real Estate), with support provided by associate Rebecca Grevitt
(Energy & Infrastructure).
Ravinder commented, “We are delighted to have worked with Ørsted, PKA and PFA on this transaction, especially in getting it over the line in the current challenging circumstances. This shows our team’s unrivalled expertise in relation to the OFTO regime and our experience in advising on transactions in the offshore wind sector.”