Greater Gabbard OFTO to operate link to 500-MW wind park off UK
Nov 27, 2013 - UK’s energy regulator Ofgem said Tuesday it had awarded a licence to Greater Gabbard OFTO plc for the ownership and operation of the transmission link to the 500-MW Greater Gabbard wind park off the UK coast.
Greater Gabbard OFTO is owned by Balfour Beatty Investments Ltd, Equitix Ltd and AMP Capital Investors Ltd. It won the licence, worth GBP 317 million (USD 515m/EUR 378m), after a competitive bidding process under the offshore transmission owner (OFTO) regime, Ofgem said.
The 140-turbine wind farm is owned by units of German utility RWE AG (ETR:RWE) and British peer SSE plc (LON:SSE). The installation is capable of producing enough electricity to power 530,000 households.
The OFTO project will be the first in the UK to be funded through capital markets. It will use the European Investment Bank’s Project Bond Credit Enhancement programme that seeks to attract financing from institutional investors such as insurance firms and pension funds by cutting investment risk.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.