DTP is a partnership between Diamond Transmission Corporation Limited (a wholly-owned subsidiary of Mitsubishi Corporation) and Chubu Electric Power Co., Inc.
The transmission assets hold an asset value of GBP 1.175 billion. The assets include the onshore substation, export cables, the offshore reactive compensation substation (RCS), and three offshore substations.
The divestment takes place in accordance with the offshore transmission owner ('OFTO') regime. In February 2020, following a competitive tender, Ofgem selected DTP as preferred bidder for the offshore transmission licence for the Hornsea 1 Offshore Wind Farm.
Ørsted will provide DTP with operations and maintenance services for the transmission assets under a long-term agreement.