UK infrastructure investor Equitix has been named the preferred bidder by energy regulator Ofgem for the Neart na Gaoithe Offshore Transmission Owner (OFTO) project, valued at approximately £450 million.
The Neart na Gaoithe offshore wind farm, located about 16 km off the coast of Fife, Scotland, has an installed capacity of 448 megawatts and is capable of powering around 375,000 homes. The wind farm was developed through a 50:50 joint venture between EDF Renewables UK and Irish utility ESB.
Under the OFTO regime, Equitix will acquire the wind farm’s transmission assets and be granted a transmission licence. The assets include two offshore substations, approximately 38 km of subsea export cables, 13 km of onshore cables, and the onshore substation connecting to SP Energy Networks’ Crystal Rig facility.
“Being named preferred bidder on Neart na Gaoithe OFTO marks another proud step in Equitix’s journey driving the UK’s renewable future,” said Achal Bhuwania, Chief Investment Officer at Equitix. “Including Dogger Bank A, this will be Equitix’s eighth OFTO and a fourth consecutive win for our team in the sector.”
He added: “This demonstrates our conviction in the UK mid-market and is a validation of our strong market positioning, wherein we have been able to consistently source differentiated investments for our clients.”
Equitix said the project will increase its offshore transmission portfolio to nearly 3 GW of capacity. Its broader renewable energy platform now exceeds 12.5 GW, with projects providing low-carbon energy across the UK.
Ofgem’s competitive OFTO regime enables investors to own and operate transmission links to offshore wind farms, aiming to reduce costs for consumers while supporting the expansion of the UK’s offshore wind sector.
