11/10/2021 | Press release | Distributed by Public on 11/10/2021 02:17
November 10, 2021
TEPCO Power Grid, Inc.
A consortium made up of Equitix Limited (Equitix) and TEPCO Power Grid, Inc. (TEPCO PG) has been selected as the preferred bidder for a new offshore electricity transmission link in the UK.
Valued at approximately GBP 577 million, the new offshore electricity transmission asset is comprised of subsea cables, land cables, offshore substations and an onshore substation that connect with the Triton Knoll Offshore Windfarm (Generation Capacity: 857MW) located approximately 32km from the UK shoreline at its closest point (off the coast of Lincolnshire).This project is TEPCO PG's first investment in a power transmission project outside of Japan.
The consortium will operate this electricity transmission business for a 23-year period starting from 2022 following successful acquisition of the asset and the granting of an Offshore Transmission Owner (OFTO) license by the UK's Office of Gas and Electricity Markets (Ofgem). TEPCO PG will contribute to the offshore wind sector in the UK by utilizing the knowledge and know-how of asset management and operation in Japan.
TEPCO PG considers global power transmission and distribution to be an important area of business, and will strive to further expand its global presence by leveraging the experience and achievements gained through this venture.