(Sharecast News) - HICL Infrastructure Company announced on Friday that Diamond Transmission Partners, a consortium comprising itself and Mitsubishi subsidiary Diamond Transmission Corporation, has been selected by Ofgem as the preferred bidder to own and operate the offshore transmission link to the Galloper Offshore Wind Farm project.
The FTSE 250 company explained that the offshore transmission owner (OFTO) regime covered regulated assets, where the OFTO took ownership of an operational transmission asset and received contractual, availability-based revenues over a 20-year period.

It said the OFTO did not have exposure to construction risk, electricity production or power price risk.

"The Galloper OFTO represents the third successful bid by the partnership of HICL and Diamond Transmission Corporation Limited, the first two being the Burbo Bank Extension OFTO which has reached financial close and the Race Bank OFTO where Diamond Transmission Partners was selected as the preferred bidder in June," the HICL Infrastructure board said in its statement.

The consideration for HICL's 50% share of the interest in the Galloper OFTO was expected to be around £15m.

Completion of the acquisition was expected in mid-2019.

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