20/02/2024Smith Square Partners Consortium acts as financial adviser to Ofgem on the £666 million completed transfer of Moray EAst offshore wind farm transmission link from MOWEL, a joint venture company owned by Ocean Winds (40%), Diamond Green Limited (33.4%), Equitix (16.6%) and China Three Gorges (10%) to Transmission Capital Partners (“TCP”)
Smith Square Partners Consortium acts as financial adviser to Ofgem on the £666 million completed transfer of Moray East offshore wind farm transmission link from MOWEL, a joint venture company owned by Ocean Winds (40%), Diamond Green Limited (33.4%), Equitix (16.6%) and China Three Gorges (10%) to Transmission Capital Partners (“TCP”) On 14 February, 2024 Ofgem announced its confirmation to grant an Offshore transmission licence to TCP. This sees the transfer of the £666 million offshore transmission link from MOWEL, the developer of the Triton Knoll offshore wind farm who are managed by Ocean Winds, TCP, an International Public Partnerships (“INPP”) backed consortium. The Moray East wind farm consists of 100 turbines, has a capacity of 950MW and is located 22km from the Aberdeenshire, Scotland coast in the Moray Firth. The Smith Square Partners Consortium has been advising Ofgem in relation to sales of offshore wind farm transmission assets since 2020 when it was first appointed by Ofgem for Tender Round 7 and continues to advise on tender rounds up to and including Tender Round 11. Its advice has related to transmission assets for eight offshore wind farms with a projected generation capacity of 7.9 GW and combined asset values of c.£6.1 billion. The Consortium comprises financial advisers Smith Square Partners and Centrus, with CEPA providing financial and related economic advice, tax advice provided by BDO and forensic cost reviews provided by Grant Thornton.
“Offshore windfarms have a crucial role in achieving a net zero carbon economy and are at the forefront of the UK Government’s targets with a target of 50GW of offshore wind by 2030. OFTO transactions will play a key part in this success with a very large pipeline of projects coming to market in the next couple of years. We are pleased to close this transaction with our consortium colleagues and this transaction emphasises our continued focus on the global renewable energy and energy transition markets.”
Scott Wilsher, Assistant Director – Centrus
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