Aviva Investors, the global asset management business of Aviva plc has reached financial close on the £183m Westermost Rough offshore wind transmission owner (OFTO) project.
The OFTO will connect the Westermost Rough offshore wind farm, located five miles north east of Withernsea, off the Holderness coast in the North Sea, to the onshore grid network.
Project sponsors include Transmission Capital Partners, which comprises International Public Partnerships, Amber Infrastructure and Transmission Investment. Transmission Capital Partners was appointed by Ofgem as the preferred bidder for Westermost Rough in May 2015. Under the 20 year contract, they will operate the transmission assets that connect the 205MW onshore wind farm, which is owned by Dong Energy, Marubeni and the GIB, to the grid.
Aviva Investors provided half of the £155m debt facility on an-index linked basis to support the acquisition of the transmission asset.
Susannah Stock, Infrastructure Director at Aviva Investors, said:
“This transaction provides further diversification to the range of sectors we have invested in through our UK platform, including utilities, energy, social infrastructure and transport. We are delighted to have supported this key infrastructure acquisition by providing an index-linked long-term funding solution.”