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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.         

Project leads

Paul Woodcock

Partner

Adam Hylan

Partner

Kieran Bailey

Associate

"Newbridge's expertise in structuring competitive financing for our Moray East OFTO bid has been instrumental to our success. Their skilled management of the significant technical and legal due diligence, along with their adept navigation of the credit process among a broad group of funders, has been exemplary. We greatly appreciated their professionalism and competence throughout this significant transaction."

Jamie Hossain, Investment Director, Amber Infrastructure (JV partner in TCP)]

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