EU Okays New Race Bank OFTO Ownership
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over Diamond Transmission Partners by Diamond Transmission Corporation Limited (DTC) and by Infrared Capital Partners Limited (IRCP).
Diamond Transmission Partners is the holding company of the Offshore Transmission Owner (OFTO) for the 573MW Race Bank offshore wind farm, active in the transmission of electricity from this wind farm to the UK’s onshore grid.
The company is currently solely controlled by DTC, a holding company with activities in the electricity transmission sector. IRCP is an infrastructure investment management company active in financial advice and managing investments on behalf of investment funds.
The Commission concluded that the proposed acquisition would raise no competition concerns, because the companies’ activities do not overlap. The transaction was examined under the simplified merger review procedure.
Located offshore North Norfolk, the Race Bank wind farm comprises 91 6MW Siemens Gamesa turbines and two offshore substations which were officially put into operation in June 2018.
That same month, Ofgem selected Diamond Transmission Partners as the wind farm’s OFTO for the next 20 years.