March.04.2021
We have advised Hornsea 1 Limited, a joint venture owned between Ørsted (50%) and Global Infrastructure Partners (50%), on the sale of its transmission assets to Diamond Transmission Partners Hornsea One Limited. DTP Hornsea One is a partnership between Diamond Transmission Corporation Limited (a wholly owned subsidiary of Mitsubishi Corporation) and Chubu Electric Power Company Netherlands B.V. (a wholly owned subsidiary of Chubu Electric Power Co., Inc.).
Hornsea One is a UK offshore wind farm located off the Yorkshire Coast. It consists of 174 Siemens Gamesa 7MW turbines with an overall capacity of 1218MW, enough to power over one million UK homes. The transmission assets, valued at £1.175 billion, include the onshore substation, export cables, offshore Reactive Compensation Substation and three offshore substations.
The divestment took place in accordance with the offshore transmission owner (OFTO) regime (Tender Round 6), with Diamond Transmission Partners Hornsea One Limited selected by Ofgem, following a competitive tender.
The multidisciplinary Orrick team advising Hornsea One on the disposal was led by partner Ravinder Sandhu, closely supported by partners Simon Folley, Simon Alsey and Jonathan Rosen and associate Rebecca Grevitt.
Ravinder commented, “We are delighted to have advised the Hornsea One team on such a significant disposal, representing the largest OFTO transaction by size and value to date. Following on from our work on the Walney Extension OFTO, this transaction demonstrates our team’s extensive and unrivalled expertise in the offshore wind and offshore transmission sector.”