Consortium acts as financial adviser to Ofgem on transfer of offshore wind farm transmission link

Smith Square Partners Consortium acts as financial adviser to Ofgem on the £573 million completed transfer of Triton Knoll offshore wind farm transmission link from RWE Renewables to ETEPCO (a consortium of Equitix Limited and TEPCO Power Grid Incorporated)

On 01 December, 2023 Ofgem announced its confirmation to grant an Offshore transmission licence to ETEPCO (a consortium of Equitix Limited and TEPCO Power Grid Incorporated). This sees the transfer of the £573 million offshore transmission link from RWE Renewables, the developer of the Triton Knoll offshore wind farm, to London based Equitix Limited and TEPCO Power Grid, a Japanese utility company headquartered in Tokyo. 

The Triton Knoll wind farm consists of 90 turbines, has a capacity of 857MW and is located 33km from the Lincolnshire coast in the North Sea.  

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 10.  Its advice has related to transmission assets for seven offshore wind farms with a projected generation capacity of 6.7 GW and combined asset values of c. £5.2 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 are critical to the UK’s energy transition targets with a fivefold increase to 50GW target by 2030 with OFTO transactions playing a key part in the process. We are pleased to close this transaction with our consortium colleagues and player our part in contributing to the UK’s renewable energy and Net Zero targets.”

Adam MacDonald, Managing Director – Centrus

For more information, please contact Adam MacDonald

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