Mitsubishi Corporation Named Preferred Bidder for Offshore Transmission Asset in the UK
June 21 2018 - 12:00AM
JCN Newswire (English)
Mitsubishi Corporation (MC), through its wholly-owned subsidiary
Diamond Transmission Corporation (DTC), has been selected as the
preferred bidder for a new, offshore electricity transmission link
in the UK. This marks the sixth electricity transmission project
for MC in the UK. The new offshore electricity transmission asset
connects the Race Bank Offshore Windfarm (generation capacity of
573MW), situated approximately 27 km off the country's eastern
coast, with the Walpole substation which is owned by National Grid.
The transmission line is composed of subsea cable, land cable, and
offshore and onshore substations, and is valued at GBP 500.9
million, making it one of the largest among operational offshore
transmission link assets in the UK.
MC will execute this electricity transmission business for a
20-year period starting around March 2019, following successful
acquisition of the asset and the granting of an Offshore
Transmission Owner (OFTO) license by the UK's Office of Gas and
Electricity Markets (Ofgem).
With the acquisition of the Race Bank Offshore Windfarm
transmission link, DTC will be operating six out of 18 offshore
transmission assets in the UK. Combined with four others held in
Germany, the number of power transmission assets held by DTC in
Europe will add up to ten, with a gross transmission length of
approximately 960 km and an electricity transmission capacity of
around 5 GW.
DTC holds a highly qualified in-house professional technical and
accounting team, in addition to the support of professionals
dispatched from MC. Ever since entering the offshore power
transmission business in 2011, MC has actively worked on the
acquisition and management of assets in Europe. Through DTC, MC
seeks to further expand its investments in offshore transmission
assets in Europe.
A European Commission roadmap suggests that by 2050, the EU will
aim to cut its greenhouse gas emissions to 80% of levels in 1990.
In line with that target, the EU expects to generate some 50 GW of
offshore wind power capacity by 2030. The expansion of renewable
energy, which depends on surrounding environmental conditions for
power generation, creates increasing importance for stably operated
power transmission systems. MC sees its participation in offshore
transmission as an opportunity to realize MC's vision of
simultaneously generating economic, societal and environmental
value through its businesses.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE:8058) is a global integrated
business enterprise that develops and operates businesses across
virtually every industry, including industrial finance, energy,
metals, machinery, chemicals, and daily living essentials. MC's
current activities have expanded far beyond its traditional trading
operations to include investments and business management in
diverse fields including natural resources development,
manufacturing of industrial goods, retail, new energy,
infrastructure, finance and new technology-related businesses.
With over 200 offices and subsidiaries in 90 countries and regions
worldwide and a network of approximately 1,300 group companies, MC
employs a multinational workforce of over 70,000 people.
For more information, visit
https://www.mitsubishicorp.com/jp/en/
Source: Mitsubishi Corporation
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
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