Financial News
MC and InfraRed Named Preferred Bidders for UK Offshore Transmission Asset
September 09, 2022 at 09:50 AM EDT
TOKYO, Sep 9, 2022 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that MC and InfraRed Capital Partners (InfraRed) have been selected as the preferred bidders for a new offshore electricity transmission link in the UK. MC's partnership with InfraRed comes via its UK-based, wholly owned subsidiary Diamond Transmission Corporation Limited (DTC). The acquisition of this link will make DTC the operator of ten offshore transmission assets in the UK with a combined total of 784 kms of cable, thus adding to its already largest share of the market.
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Valued at approximately 190 billion yen, the assets in question comprise subsea cables, land cables, offshore substations and an onshore substation that connect with the 1,386 MW capacity Hornsea Two offshore wind farm situated approximately 90 km off the UK's northeast coast. MC and InfraRed will operate this electricity transmission business for a 24-year period, following successful acquisition of the assets and the granting of an Offshore Transmission Owner license by the UK's Office of Gas and Electricity Markets (Ofgem). To operate the business efficiently, DTC will leverage its experience running its existing transmission assets in the UK.
Through its commitment to simultaneously generate economic, societal and environmental value, MC is striving to meet the ever evolving needs of communities around the world and achieve sustainable growth hand in hand with society. In Europe, we are rapidly expanding our undersea transmission operations to help promote the development and use of offshore wind power, for which these kinds of infrastructure and systems are essential. The growth of these businesses will also play a part in lowering greenhouse gas emissions.
MC has been doing more in recent years to create new carbon-neutral industries that will be powered by renewable energies. These efforts are part of our work to revitalize regions across Japan through businesses that promote both digital (DX) and energy (EX) transformations, which is a key objective of our latest management plan, "Midterm Corporate Strategy 2024: Creating MC Shared Value." Knowing how these overseas transmission operations can enhance the offshore wind farm and other renewable energy projects that MC is both developing and operating here in Japan, we intend to take full advantage of the know-how gained from them.
MC remains dedicated to helping Japan and countries around the world secure stable supplies of renewable energy.
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