Ofgem selected Diamond Transmission Partners Hornsea One Limited ('DTP') as the preferred bidder for the offshore transmission licence of the Hornsea One windfarm in February 2020, as part of Ofgem's OFTO regime. DTP is wholly owned by Chubu Electric Power Company Netherlands B.V., a subsidiary of Chubu Electric Power Co., Inc., and Diamond Transmission Corporation Limited, a subsidiary of Mitsubishi Corporation.
Hornsea One is located 120 kilometres off the coast of Yorkshire and consists of 174 turbines, with an overall capacity of 11.2 GW. The windfarm was commissioned in January 2020 and is the largest offshore windfarm in the world.
The Ashurst team was led by partner Antony Skinner, and included partners David Wadham, Julia Derrick and Nicholas Hilder, assisted by senior associates Harriet Gray, Nicholas Monks, Adam Skibsted and Lindsey Bouchara and associates Sinead Tulley, Crystal Yuen and Elle Hansen. Counsel David Razzell, senior associates Charlie Reid and James Nierinck and associate Joanna Fox advised on real estate and environment, health and safety aspects. Hedging support was provided by partner Kerion Ball and associate Alec Peschlow. Tax partner Tim Gummer and associate Shayaan Zaraq Bari and competition partner Neil Cuninghame also advised.
Commenting Antony Skinner said:
"We are delighted to advise the financiers on the acquisition of the offshore transmission assets of the 1.2 GW Hornsea One offshore windfarm by Diamond Transmission Partners Hornsea One Limited, as part of Ofgem's offshore transmission owner (OFTO) regime. This is the largest OFTO financing to date and is the first time JBIC has lent to an OFTO."
