20 March 2024 Deals | Renewable Power

Equitix and Kyuden Group named as Preferred Bidder on the Dogger Bank A Offshore Transmission Owner (OFTO) Project

Ofgem announced on 20 March 2024 that a consortium comprising Equitix and the Kyuden Group  (made up of Kyuden International Corporation and Kyushu Electric Power Transmission and Distribution Company) has been named Preferred Bidder on the c. £930 million Dogger Bank A OFTO Project.

Developed as a joint venture on behalf of SSE Renewables, Equinor and Vårgrønn, the Dogger Bank A offshore windfarm is located approximately 130km from the coastline of Yorkshire, England and has a power generation capacity of 1,200MW. Dogger Bank A windfarm utilises 95 General Electric 13MW turbines and will generate enough renewable power for more than 2 million homes.

This project is the first OFTO project in the UK to employ direct current (DC) transmission technology and it will generate enough renewable power for more than 2 million homes.  Dogger Bank Wind Farm comprises of three phases (Dogger Bank A, B and C, each 1.2 GW in size)  and once fully operational, will be the world’s largest offshore windfarm.

The Dogger Bank A OFTO assets will connect the Dogger Bank A windfarm to the onshore grid under a transmission Licence granted by the UK regulator, Ofgem. Operations and maintenance of the OFTO assets will be delivered under a long-term agreement with Equinor, who are experienced in operating high voltage DC assets. The Dogger Bank A OFTO assets consist of subsea cables, onshore cables, an offshore substation and onshore substation located at Creyke Beck.

An Equitix and Kyuden Group consortium was named preferred bidder on the Seagreen Phase 1 OFTO in December 2023. Equitix also achieved asset transfer on the Triton Knoll OFTO in December 2023, consolidating its position as a leading investor in the sector.

Achal Bhuwania, Chief Investment Officer at Equitix, said: “We are delighted to be selected as preferred bidder on Dogger Bank A OFTO alongside our valued strategic partner, Kyuden Group. This is a landmark project for Equitix as the first UK OFTO project to utilise DC technology connected to the world’s largest windfarm. Equitix is delighted to continue to support the transition to net zero and be at the forefront of foreign direct investment into critical UK infrastructure.”

Congratulations to our partners and team on this transaction, particularly to James MellishBlair Nimmo and Alexander Murray.

Image courtesy of Dogger Bank Wind Farm