London Array, a joint venture owned by DONG Energy, E.ON and Masdar, have announced that it has signed an agreement for the sale of transmission assets at the world's largest offshore wind farm to Blue Transmission London Array Limited.

The disposal takes place pursuant to the Offshore Transmission Owner (OFTO) regime. Following a competitive tender, Blue Transmission London Array Limited was selected as preferred bidder for the London Array offshore transmission licence in September 2012 by Ofgem.

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With an asset value of £459m, this is the largest transaction to date in the OFTO regime. The sale is expected to be completed later this month.

Blue Transmission London Array Limited is the licensee entity incorporated by the consortium of Barclays Infrastructure Funds Management Limited and Diamond UK Transmission Corporation (a wholly owned subsidiary of Mitsubishi Corporation), advised by Macquarie Capital.

London Array has been selected by Blue Transmission London Array Limited to provide operations and maintenance services to the transmission link connecting the 630MW London Array Offshore Wind Farm to the onshore grid.

London Array is located around 20km off the coasts of Kent and Essex on a 100km2 site. Its 175 Siemens 3.6MW turbines have a combined capacity of 630MW and are expected to produce enough electricity to power over half a million UK homes each year.

(CD/JP)