This regulated divestment of transmission assets, including the onshore substation, export cables and offshore substations, took place in accordance with tender round 5 of Ofgem's offshore transmission owner (OFTO) regime, whereby DTP Walney Extension was awarded an offshore transmission licence to own and operate the transmission assets following a competitive tender.
DTP Walney Extension is a partnership between Diamond Transmission Corporation Limited (a wholly owned subsidiary of Mitsubishi Corporation), HICL Infrastructure PLC, and Chubu Electric Power Company Netherlands B.V. (a wholly owned subsidiary of Chubu Electric Power Co., Inc.).
Walney Extension is a shared-ownership project between Ørsted (50%) and the project’s partners PFA and PKA (25% each).
The multidisciplinary London and Glasgow based Pinsent Masons team that advised DTP Walney Extension included Senior Associate David Ross and Solicitor Catherine Lusher advising on property aspects. Associate Philippa Godwin and Solicitor Imogen Dewar advising on planning and regulatory issues, Partner Murdo Maclean and Solicitor Beren Shorman advising on energy regulatory, projects and construction law matters and Partner Stephen Tobin, Senior Associate Michael Marston and Paralegal Tai Nguyen advising on financing matters. The acquisition team was led by Legal Director David Trethowan.
Commenting on the deal David Trethowan said, "We are proud to have supported the Diamond Transmission consortium on another acquisition and financing of offshore transmission assets as part of the Ofgem competitive tender regime, particularly given the current challenging circumstances. The successful completion of this transaction is a further demonstration of the firm's market-leading expertise in the offshore wind and offshore transmission sector".