The assets include an onshore substation, export cables, offshore reactive compensation substation (RCS), and three offshore substations
Hornsea 1, a joint venture between Ørsted and Global Infrastructure Partners (GIP), has agreed to sell its transmission assets to Diamond Transmission Partners Hornsea One (DTP).
DTP is a partnership between Diamond Transmission, a wholly-owned subsidiary of Mitsubishi and Chubu Electric Power.
The transmission assets, which are valued at $1.62bn, include the onshore substation, export cables, the offshore reactive compensation substation (RCS), and three offshore substations.
Hornsea 1 is an offshore wind farm, located nearly 120km off the Yorkshire coast in the UK.
The wind farm features 174 Siemens Gamesa 7MW wind turbines with an overall capacity of 1,218MW, which is adequate to power more than one million British homes.
Turbine installation at the offshore wind farm was completed in October 2019.
The divestment is expected to take place in accordance with the offshore transmission owner (OFTO) regime.
In February 2020, Ofgem selected DTP as preferred bidder for the offshore transmission licence for the Hornsea 1 Offshore Wind Farm, following a competitive tender.
Ørsted is anticipated to provide operations and maintenance services for the transmission assets under a long-term agreement with DTP.
In January, the Danish multinational power company secured development consent from the UK for the 2.4GW Hornsea Three offshore wind project.
Located off the coast of Norfolk, the offshore wind project will be located within the area known as Zone 4, under the Round 3 offshore wind licensing arrangements established by The Crown Estate.
The wind farm is expected to feature up to 231 turbines, which will be located within a 696km2 area. The electricity generated by the wind farm will be enough to meet the average daily needs of more 2 million homes.