Mitsubishi to Operate London Array Wind-Farm Link With BarclaysLouise Downing
Mitsubishi Corp. and Barclays Plc will operate the transmission link connecting the world’s largest offshore wind farm, the U.K. energy regulator said.
Ofgem named The Blue Transmission group comprising Barclays Infrastructure Funds Management Ltd. and a U.K. unit of Mitsubishi to maintain and operate the link for the London Array project for the next 20 years, it said in an e-mailed statement. Half of the debt funding for the purchase was provided by the European Investment Bank, it said.
“With a value of 459 million pounds ($721 million), these are the highest value assets to have been tendered under the offshore regime to date, bringing the total value of new investment attracted into the sector to over 1 billion pounds,” Ofgem Chairman John Mogg said in the statement. The competitive bidding process means running the link will cost consumers a quarter less than previous projects, he said.
EON SE, Dong Energy A/S and Masdar Abu Dhabi Future Energy Co. opened the 2.2 billion euro ($2.9 billion) London Array project, the world’s largest marine wind farm, in July. It comprises 175 turbines for an installed capacity of 630 megawatts.
Britain plans a 10-fold expansion in offshore wind by the end of this decade as it seeks to curb polluting greenhouse gas emissions and create jobs. The country wants 15 percent of its energy to come from clean sources by 2020 from about 9.4 percent now.