StockMarketWire.com - HICL Infrastructure Company said it had been selected, together with Diamond Transmission Corporation, by Ofgem as the preferred bidder to own and operate the offshore transmission link to the Galloper offshore wind farm.

The consideration for HICL's 50% share of the interest in the Galloper offshore transmission owner (OFTO) was expected to be approximately £15m, with completion of the acquisition expected in mid-2019, the company said.

As the offshore transmission owner and operator of the Galloper Offshore Wind Farm project, HICL and Diamond Transmission would receive contractual, availability-based revenues over a 20-year period.

The Galloper OFTO represents the third successful bid by the partnership of HICL and Diamond Transmission Corporation Limited. The first two were the Burbo Bank Extension OFTO which had reached financial close and the Race Bank OFTO where Diamond Transmission Partners was selected as the preferred bidder in June 2018.



At 8:02am: [LON:HICL] HICL Infrastructure Co Ltd share price was +0.25p at 159.25p



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