Ofgem yesterday issued a notice of consultation to modify conditions of the transmission licence proposed to be granted to the successful bidder for the Westermost Rough project.
The proposed modifications are related to certain standard conditions of the transmission licence that may be granted to the licensee of the Westermost Rough assets.
Transmission Capital Partners, a consortium of Transmission Capital Partners Limited Partnership and International Public Partnerships Limited, has been chosen as the preferred bidder.
International Public Partnerships Limited said that this is a key step towards reaching financial close on the investment in the project. The company expects to invest around £27 million into the project upon financial close, anticipated to be reached in February 2016.
The transmission cable connection to the Westermost Rough Offshore Wind Farm will be the company’s sixth OFTO investment. The wind farm is situated 8km off the Yorkshire Coast and comprises 35 turbines of 6MW capacity, covering a total area of 35km2 and providing enough electricity to power around 150,000 UK homes.
The company added that it takes no exposure to electricity production or price risk but is paid a pre-agreed, availability-based revenue stream over 20 years, which is fully linked to UK inflation (RPI).