Raising senior debt to fund Transmission Capital Partners’ (“TCP”) £666m acquisition of the transmission system which connects Moray East Offshore Wind Farm to the onshore grid network.
Benefits to the client
Moray East OFTO represents TCP’s eleventh OFTO investment. The OFTO will further increase TCP’s contribution to the UK’s transition to a net zero carbon economy and has the capacity to transmit sufficient renewable electricity to power the equivalent of c. 1m homes.
Newbridge role
Ofgem ran a regulated process where qualified bidders competed to buy the transmission system. Newbridge ran a competitive process to select funders who provided credit approved commitments in support of TCP’s bid. Ofgem awarded TCP as the Preferred Bidder and Newbridge worked with the funders to complete their due diligence prior to TCP acquiring the transmission assets.
