Balfour Beatty sells 80% of Thanet OFTO

UK: Balfour Beatty has agreed to sell an 80% stake in its offshore transmission owner (OFTO) licence for the 300MW Thanet offshore project to investment firm Equitix.

by David Weston 16 February 2015

The 300MW Thanet offshore project was developed by Vattenfall

Equitix will pay £40 million (€54 million) for the stake in the licence. The OFTO licence holder is responsible for the operation and maintenance of the link between a wind project and the national grid.

UK energy regulator Ofgem awarded Balfour Beatty the 20-year Thanet licence in December. Thanet, developed by Vattenfall, was part of the first round of tenders for OFTO licences in 2010.

Balfour Beatty was named as the preferred bidder for the licence then, but technical issues with the transmission have delayed the transfer.

Balfour Beatty and Equitix have also partnered, as part of a consortium, on the OFTO licence for the 504MW project. And last week, the companies were awarded the licence for the 576MW project in the Irish Sea.

The companies also to bid for licences for the 219MW Humber Gateway and 210MW Westermost Rough projects currently being developed off the north-east coast of England.