Release date : 29 August 2014 Promoter Financial Intermediary : OFFICE OF GAS AND ELECTRICITY MARKETS Sector(s) : Energy Proposed EIB finance (Approximate amount) : EUR 272 million (GBP 225 million) Description : Framework facility to support financing of two offshore wind farm transmission networks (Humber Gateway and Westermost Rough) being competitively tendered under the third tender round (Round 3) of the OFTO UK regulatory regime. This follows a previous framework approval covering six Tender Round 1 projects and four Tender Round 2 projects. Objectives : The regulated entities (OFTOs) will operate and maintain offshore transmission assets essential to the export of electricity from offshore wind farms, the development of which supports EU and national targets for renewable energy and thus contributes to environmental and security of energy supply objectives. The financing of this project would contribute to the EIB~s lending priority policy on renewable energy. Environmental aspects : Undersea cables, substations and wind farms fall by virtue of their technical characteristics under Annex II of the EIA-Directive. According to national regulations, an offshore wind farm and its associated transmission infrastructure is subject to a full mandatory EIA including public consultation. Further details of the environmental due diligence procedures applied to the project will be assessed during appraisal to verify compliance with the Bank~s environmental policy. Procurement : The regulatory authority Ofgem is running a competitive tender process to identify preferred bidders for future OFTOs. In this regard, and in accordance with its tender regulations, Ofgem published the Tender Commencement Notice on its website on 31 March 2014. In addition a voluntary notice was published in the Official Journal of the European Union (ref: 2014/S 067-115068). The procurement process will be reviewed during appraisal.
Project completion date : 2015-12-31 12:00:00
Major organization : OFFICE OF GAS AND ELECTRICITY MARKETS
Address : 9 Millbank, London, SW1P 3GE
Country :United Kingdom
Url : https://www.ofgem.gov.uk/
Financier : European Investment Bank (EIB),European Union (EU),
Financier address : European Investment Bank 98-100, boulevard Konrad Adenauer L-2950 Luxembourg Website : www.eib.org/ Tel : (+352) 43 79 1 Fax : (+352) 43 77 04