Consortium with Chubu Electric wins $1.34b UK transmission link project

The consortium will operate the transmission asset for 25 years.

A consortium made up of Mitsubishi Corporation (MC) and Chubu Electric Power (Chubu) has been selected as the preferred bidder for a new offshore electricity transmission link project in the UK worth $1.34b (£1.22b), according to a press release.

The new offshore electricity transmission asset is comprised of subsea cables, land cables, offshore substations and an onshore substation that connects with the 1,218MW Hornsea One Offshore Windfarm. It is situated approximately 120km off the UK's eastern coast.

The consortium will operate this electricity transmission business for a 25-year period following the acquisition of the asset and the granting of an Offshore Transmission Owner (OFTO) license.

With this acquisition, MC will now be operating nine out of 23 offshore transmission assets in the UK , through its 100% subsidiary Diamond Transmission Corporation Limited (DTC), giving it the largest share of the market.

Meanwhile, Hornsea One project will be Chubu's second UK OFTO project following its participation in the Walney Extension project.

Chubu plans to acquire more UK OFTOs through its newly-established subsidiary, Chubu Electric Power Company Netherlands B.V. (CEPCON), including Walney Extension and Hornsea One.