Transfer of assets to new OFTO

RNS Number : 3446U

SSE PLC

29 November 2013

 



Transfer of Greater Gabbard offshore transmission

assets to new OFTO

The Great Britain regulatory regime for the construction and operation of offshore transmission assets requires generators who construct these assets to transfer them to an Offshore Transmission Owner (OFTO) post-construction.

In accordance with this requirement, Greater Gabbard Offshore Winds Ltd (GGOWL)  - a 50:50 joint venture between SSE and RWE npower Renewables - has agreed to transfer the OFTO assets associated with Greater Gabbard offshore wind farm to Greater Gabbard OFTO plc - a consortium led by Balfour Beatty.

The deal was completed today (29 November) and the total sale proceeds of £317million will be shared equally between SSE and RWE npower Renewables.

SSE is responsible for the day-to-day operation of the completed wind farm through its operational base in Lowestoft.

Iwan Tukalo, General Manager of GGOWL said: "The transfer of the transmission assets to the new OFTO is the final step in the Greater Gabbard project. Greater Gabbard wind farm has been in full operation for over a year now and production continues to meet or exceed expectations, proving the value of the asset to both its owners and in meeting the UK's renewable energy needs."

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