Pinsent Masons advises Diamond Transmission Partners Hornsea Two on £1.141 billion acquisition and financing of offshore transmission assets

The multidisciplinary Pinsent Masons team was led by Energy Projects Legal Director David Trethowan. 

This regulated divestment of transmission assets, including the onshore substation, export cables, offshore substation and an offshore reactive compensation station, was part of Ofgem’s offshore transmission owner tender round eight. The purchase was part-financed by a debt package from a syndicate of international lenders. 

Commenting on the deal, David Trethowan said: “We are very proud to have supported DTP Hornsea Two on this significant acquisition and congratulate all those who were involved. Working on transactions of this scale and complexity is another example of our strong track record advising on the most significant deals across the offshore wind sector.” 

Pinsent Masons has a long-standing relationship with the Diamond Transmission consortium having advised them on the acquisition offshore transmission assets of five other offshore windfarms which, including Hornsea Two, have a cumulative transaction value of c.£3.7bn.

DTP Hornsea Two is a partnership between Diamond Transmission Corporation Limited and HICL Infrastructure PLC.

The sellers, Breesea Ltd, Soundmark Wind Ltd and Sonningmay Wind Ltd, are a joint venture owned by Ørsted and AXA Investment Managers and Crédit Agricole Assurances (CAA).