Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 21 July 2023, the sale agreement for the Hornsea Project Two offshore transmission assets was formally signed, marking transaction close for OFTO Tender Round 8 and financial close for the Hornsea 2 OFTO. Breesea, Soundmark Wind and Sonningmay Wind – project companies jointly owned by Ørsted (50%) and AXA IM Alts and Crédit Agricole Assurances (jointly 50%) – divested the transmission assets, including the offshore substation, offshore reactive compensation substation, export cables and onshore substation, to Diamond Transmission Partners. Ofgem confirmed a Final Transfer Value of approximately £1.14 billion for the assets, underpinning the regulated revenue stream that Diamond Transmission Partners Hornsea Two Limited will receive under its OFTO licence.