TEPCO Selected as Preferred Bidder
The Office of Gas and Electricity Markets (“Ofgem”) has announced that ETEPCO, the Equitix and Japanese utility TEPCO Power Grid consortium, has been selected as preferred bidder for the offshore wind transmission asset connecting the 850MW Triton Knoll wind farm to the Lincolnshire coast. The asset is valued at over £600 million.
With its fellow consortium members – Smith Square Partners, CEPA, BDO and Grant Thornton – Centrus is delighted to have acted as financial adviser to Ofgem on the tender evaluation process for Triton Knoll and will continue to support Ofgem through to financial close.
The Smith Square Partners’ consortium is currently working on the second asset in the TR7 round, which is Moray East and is valued at £720 million. It has also been appointed in a similar role for the TR8 round in respect of Hornsea Two, which will be the world’s largest offshore wind farm when it becomes operational in 2022.
In addition to Centrus’ infrastructure finance expertise, the consortium brings together the highly regarded specialist capabilities and sector experience of Smith Square Partners and CEPA. Smith Square Partners is a leading independently-owned corporate finance firm, and a supplier under the Crown Commercial Service Corporate Finance Services framework. CEPA is a global economics and regulatory consultancy which has previously advised Ofgem on a wide range of assignments in the OFTO sector. In addition, as part of the consortium, tax and cost accounting advice is being provided by BDO and Grant Thornton.
For more information, please contact Adam MacDonald, Managing Director – Centrus