Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
In November 2018, following Ofgem’s Tender Round 5 competitive OFTO process, Diamond Transmission Partners (a 50:50 partnership between Diamond Transmission Corporation, a Mitsubishi Corporation subsidiary, and HICL Infrastructure plc) was selected as preferred bidder for the Galloper offshore transmission licence, securing the right to earn regulated transmission revenue from the Galloper OFTO assets. These assets comprise the offshore substation platform, two subsea export cables, and the onshore substation and associated connections to National Grid’s Leiston 132 kV substation, with an OFTO Initial Transfer Value of £329.1 million. The preferred bidder status marked the effective securing of the OFTO project’s long‑term regulated revenue stream ahead of contractual asset transfer completion.