Following a competitive tender under the OFTO regime, Ofgem has selected Greater Gabbard OFTO to take over ownership of the link from Greater Gabbard Offshore Winds.

Greater Gabbard OFTO is owned by a consortium including Balfour Beatty Investments, Equitix and AMP Capital Investors.

The wind farm with 140 wind turbines, has the capacity to generate around 500 MW that can supply clean energy for about 530,000 homes.

Ofgem noted that the project is the first one to be funded through capital markets and only the second in Europe to make use of the EIB Project Bond Credit Enhancement (PBCE) product.

Ofgem E-Serve managing director Robert Hull said the tender has enabled the first project in the UK to utilise the EIB’s PBCE product.

"This deal provides further evidence of the benefits to consumers of opening up the offshore transmission market to competition, and ensuring we get best value from innovation in the funding markets," Hull added.