TEPCO and Equitix Secure Triton Knoll OFTO Deal

A consortium of the London-based Equitix Limited and Japan’s TEPCO Power Grid has been selected as the preferred bidder for the offshore electricity transmission link connecting the 857 MW Triton Knoll wind farm to the UK grid.

Valued at approximately GBP 577 million (EUR 675 million), the new offshore electricity transmission asset is comprised of subsea cables, land cables, offshore substations, and an onshore substation that connect with the Triton Knoll offshore wind farm located approximately 32 kilometres off the coast of Lincolnshire at its closest point.

This project is TEPCO PG’s first investment in a power transmission project outside of Japan.

The consortium will operate this electricity transmission business for a 23-year period starting from 2022, following a successful acquisition of the asset and the granting of an Offshore Transmission Owner (OFTO) license by the UK’s Office of Gas and Electricity Markets (Ofgem).

Triton Knoll comprises 90 Vestas 9.5 MW wind turbines, the last of which was installed at the site back in September.

Commissioning work on the wind farm will continue through 2021, with final project completion set for early 2022.

The GBP 2 billion project is jointly owned by RWE (59 per cent), J-Power (25 per cent), and Kansai Electric Power (16 per cent), with RWE leading both the wind farm’s construction and the long-term operation and maintenance works on behalf of the project partners.