Vattenfall completes SEK 2 bln power cable sale in the UK
Vattenfall has completed the sale of Thanet Offshore Wind Farm transmission infrastructure in a £164mn deal, approximately SEK 2 bln. The sale includes export cables and substations and is a part of the unbundling process.
The agreement, with international infrastructure group Balfour Beatty, was finalised today following a tender process, managed by energy regulator Ofgem, to select the new transmission owner. This is a part in the unbundling process, which stipulates the separation of companies' generation and sale operations from their transmission networks.
Vattenfall will continue to own and operate the 100-turbine offshore wind farm but will now export power to the National Grid through Balfour Beatty’s infrastructure.
Piers Guy, Vattenfall’s UK Country Manager, said: “Vattenfall’s offshore wind business has strong foundations in the UK and we are keen to build on the three wind farms we currently have in operation in UK waters. The completion of this complex deal helps us to put more effort into strengthening our UK wind energy business.”
Felix Würtenberger, Vattenfall’s BU Renewables Director of Commercial Steering and head of the transaction team, said: “We are very pleased that Thanet Offshore Wind Farm has now unbundled its transmission assets. Thanet is a very successful offshore wind farm and with the transaction complete we can now focus on maximising Thanet’s significant contribution to low carbon electricity supply in the UK.”
Vattenfall installed Thanet Offshore Wind Farm’s two 26km cables in 2009 and the wind farm started exporting power to the National Grid in 2010.
The transmission assets that are transferring to Balfour Beatty comprise of:
- one offshore platform and associated substation
- two subsea 132kV cables of 26.2km each
- two 132kV onshore cables of 2.4km each
- an onshore substation (Richborough)
For further information, please contact:
Peter Stedt, Press Officer Vattenfall, +46705977338
Vattenfall is a Swedish owned energy company with operations in Sweden, Germany, the Netherlands, Denmark, UK and Finland. Vattenfall’s vision is to create a strong and diversified European energy portfolio and to be among the leaders in developing an environmentally sustainable energy system.