Ofgem name Equitix as preferred bidder on Scottish OFTO, Neart na Gaoithe

The Office of Gas and Electricity Markets (Ofgem) has announced Equitix as the preferred bidder on the c. £450 million Tender Round 10 Neart na Gaoithe Offshore Transmission Owner (OFTO) project.

The Neart na Gaoithe Offshore Wind Farm has been developed by Neart na Gaoithe Offshore Wind Limited, a 50/50 joint venture between EDF Renewables UK and Irish energy supplier, ESB. The wind farm is a 448MW offshore wind farm, capable of powering around 375,000 Scottish homes and is located approximately 16km from Fife Ness and 16 km from the Isle of May.

At asset transfer, Equitix will be granted a Transmission Licence and acquire the transmission assets comprising; the offshore substations, offshore export cables (c. 38km long) onshore export cables (c. 13km long), the newly built onshore substation and associated infrastructure. The transmission assets connect into the SPEN substation located at Crystal Rig.

Achal Bhuwania, Equitix’s Chief Investment Officer said: “Being named preferred bidder on Neart na Gaoithe OFTO marks another proud step in Equitix’s journey driving the UK’s renewable future. Including Dogger Bank A, this will be Equitix’s eighth OFTO and a fourth consecutive win for our team in the sector. This demonstrates our conviction in the UK mid-market and is a validation of our strong market positioning, wherein we have been able to consistently source differentiated investments for our clients.”

Equitix continues to strengthen its leadership in the OFTO sector with the addition of Neart na Gaoithe OFTO. This milestone builds on over 15 years of strategic investment in renewable energy, expanding an OFTO portfolio of almost 3GW of transmission capacity. Today, the Equitix renewable energy portfolio comprises more than 12.5 GW capacity, playing a vital role in delivering clean, reliable energy across the UK.