TOKYO, Sept. 9, 2022–(JCN Newswire)–Mitsubishi Corporation (MC) is pleased to announce that MC and InfraRed Capital Partners (InfraRed) have been Selected as the preferred bidder for a new UK offshore transmission line. MC has partnered with InfraRed through its wholly owned subsidiary Diamond Transmission Corporation Limited (DTC) in the UK. The acquisition will make DTC the operator of 10 UK offshore transmission assets with a total cable length of 784km, increasing its already largest market share.
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Valued at approximately 190 billion yen, these assets include submarine cables, land cables, offshore substations and an onshore substation, and are located approximately 90 kilometers off the northeast coast of the United Kingdom 1,386 MW capacity Hornsea 2 offshore wind farm is connected. MC and InfraRed will operate the transmission business for 24 years following the successful acquisition of the assets and an offshore transmission owner’s licence from the UK Office for Gas and Electricity Markets (Ofgem). To run the business efficiently, DTC will draw on its experience operating existing transmission assets in the UK. MC is committed to creating economic, social and environmental value at the same time, striving to meet the changing needs of the global community, and work with society to achieve sustainable development. In Europe, we are rapidly expanding our subsea transmission business to help facilitate the development and use of offshore wind, the infrastructure and systems that are essential for offshore wind. Growth in these businesses will also play a role in reducing greenhouse gas emissions. In recent years, MC has been working hard to create new carbon neutral industries that will be powered by renewable energy. These efforts are part of our work to revitalize businesses across Japan by promoting digital (DX) and energy (EX) transformation, a key objective of our latest management plan, “Mid-Term Corporate Strategy 2024: Creating MC Shared Value.” “Seeing how these overseas transmission operations can enhance the offshore wind farms and other renewable energy projects MC develops and operates in Japan, we intend to leverage the expertise gained from them. MC has always been committed to helping Japan and countries around the world ensure a stable supply of renewable energy.all rights reserved ©2022 JCN Newswire. All rights reserved. A division of the Japan Corporate News Network.
