TOKYO, July 26, 2017 - (JCN Newswire) - Mitsubishi Corporation (MC) has been selected as the preferred bidder for a new offshore electricity transmission link in Europe. The new offshore electricity asset, Burbo Bank Extension Offshore Wind Farm, MC's fifth such project in the UK, is situated approximately 25 km off the country's northwestern coast. Connected to the Bodelwyddan substation in Denbighshire, North Wales, the Burbo Bank Extension Offshore Windfarm consists of one subsea cable, one land cable, one offshore substation and one onshore substation. The asset has a transmission capacity of up to 258 MW and is valued at GBP 180 million (approximately JPY 26 billion).
MC will execute this electricity transmission business for a 20-year period starting around the end of 2017, 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).
In addition to four such assets held in Germany, acquisition of the Burbo Bank Extension asset brings the total of power transmission assets held by MC in Europe to nine, for a gross transmission length of approximately 900 km and a capacity of circa 4.35 GW.
Diamond Transmission Corporation Limited (DTC) was established as an MC subsidiary in the UK in 2013 in order to ensure that the company's transmission assets across Europe are managed efficiently. DTC's highly qualified in-house professionals carry out technical operations and maintenance as well as provide accounting and other services, with the support of professionals dispatched from MC. The current bid was the first to be led by DTC, which drew on its extensive experience in the offshore transmission business, particularly as it relates to the design of the bid and all aspects of asset management strategy, including commercial and technical delivery.
Through DTC, MC will continue seeking to expand its investments and overall engagement in the interconnector business, including the acquisition of additional offshore, onshore and cross-border interconnector transmission assets in the UK, with the ultimate goal of helping to imrpove the balance between electricity supply and demand across countries.
Europe expects to generate some 50 GW of offshore wind power capacity by 2030 and stablilisation of power transmission systems is becoming more and more important as power generation from renewable sources rises. MC sees this as an opportunity to develop businesses that help reduce greenhouse gas emissions, thereby contributing to the generation of economic, environmental and social value.
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, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
July 26, 2017 12:47 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
Sectors: Energy, Alt. Energy
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