The Humber Gateway OFTO project in the UK reached financial close on September 7, 2016.

The consortium comprised of Balfour Beatty and Equitix successfully acquired the transmission assets, valued at around £160m, from E.ON and will operate the link from the Humber Gateway offshore wind farm for the next 20 years. The wind farm and transmission assets, located in the North Sea approximately 8km off the coast of Yorkshire, became fully operational in 2015 with 73 wind turbines. The assets, comprising an offshore and onshore substation, 18km of subsea cabling and 30km of land cable, will provide energy for around 170,000 homes generated from the 219MW wind farm.

By granting the licence to operate the assets, Ofgem, the procuring authority, will have completed Round 3 of their OFTO regime.

The financing of the transfer value was achieved by raising £82m of EIB debt and £82m of debt through a banking group consisting of SMBC, SMTB and Societe Generale.

Operis was pleased to undertake an audit of the financial model which included a review of the model’s tax and accounting treatments.

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Erwan Fournis
Global Head of Financial Advisory

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Carmen Wade
Financial Advisory, Head of North America

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Jun Tao
Global Head of Model Audit & Financial Modelling

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Mark Southall
Associate Director - Model Audit & Financial Modelling

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Operis Europe

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Operis North America

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Chris Aldred
Director

+44 207 562 0433

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