12 Mar 2021 | 04:37 pm |
Multinational law firm Pinsent Masons has advised Diamond Transmission Hornsea One Limited (DTP Hornsea One) on the £1.175bn acquisition and financing of the transmission assets relating to the 1218MW Hornsea One offshore windfarm from Hornsea 1 Limited (Hornsea 1).
This regulated divestment of transmission assets, including the onshore substation, export cables, three offshore substations and an offshore reactive compensation station, took place in accordance with tender round 6 of Ofgem's offshore transmission owner (OFTO) regime. The purchase was part-financed by a debt package from a syndicate of international lenders.
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 1 is joint-venture between Ørsted (50%) and Global Infrastructure Partners (GIP) (50%).
The multidisciplinary Pinsent Masons team was led by Energy Projects Legal Director, David Trethowan and included Murdo Maclean, Stephen Tobin, Graham Young, Beren Shorman, Bayan Jafari-Eshaiker, Andrea McLellan, George Bamber, Ruth Taylor, Philippa Godwin and Imogen Dewar.
Commenting on the deal, David Trethowan said: "As the largest divestment of transmission assets through the OFTO regime to date, both in terms of size and value, this is an extremely significant transaction that highlights the markets continued investment and ensures the UK continues to lead the way in offshore wind technology. This transaction signals another chapter in our long standing relationship with the Diamond Transmission consortium which marks its fifth offshore transmission acquisition since 2018."
Key Contacts
Multinational law firm Pinsent Masons has been named the Most Innovative Law Firm in Europe and won the Energy & Security Transition category at this year’s FT Innovative Lawyer Awards.
Multinational law firm Pinsent Masons has been named as a top ten family friendly employer by the national charity for working parents and carers Working Families.
Multinational law firm Pinsent Masons MPillay is supporting the Asian Development Bank (ADB) on its role advising the Philippines Department of Transportation (DOTr) on the refurbishment and expansion of the Ninoy Aquino International Airport (NAIA) in Manila.
Multinational law firm Pinsent Masons has advised global renewable energy developer BayWa r.e. on its partnership with SUSI Partners to develop rooftop solar PV projects across Southeast Asia.
Multinational law firm Pinsent Masons has advised Diamond Transmission Partners (DTP) Hornsea Two on the £1.141bn acquisition and financing of the transmission assets for the 1.32GW Hornsea Two offshore windfarm.
Multinational law firm Pinsent Masons has won in six categories at the China Business Law Journal's awards.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on
Location contacts
Europe: [email protected]
Asia: [email protected]
Middle East: [email protected]
Australia: [email protected]