The UK energy regulator, the Office of Gas and Electricity Markets (Ofgem), has named Equitix as the preferred bidder for the transfer of transmission assets under the Neart na Gaoithe Offshore Transmission Owner (OFTO) project, valued at approximately £450mn ($547mn). This project is part of the tenth competitive tender process launched by the authority to transfer the operation of electrical infrastructure linked to offshore wind farms.
The Neart na Gaoithe wind farm was developed by the joint venture Neart na Gaoithe Offshore Wind Limited, equally owned by EDF Renewables UK and Irish energy supplier ESB. Located about 16 km off the Scottish coast between Fife Ness and the Isle of May, the 448 MW site is designed to power up to 375,000 homes.
A strategic asset portfolio for Equitix
As the selected bidder, Equitix will be granted a transmission licence and take ownership of the relevant assets. These include offshore substations, approximately 38 km of offshore export cables, 13 km of onshore export cables, and a newly constructed onshore substation connected to the electrical grid via the Crystal Rig site operated by Scottish Power Energy Networks (SPEN).
This project marks Equitix’s eighth involvement in an OFTO and the company’s fourth consecutive acquisition in the segment. With more than 15 years of experience in energy infrastructure investment, Equitix is consolidating an offshore transmission portfolio representing nearly 3 GW of capacity.
Continued expansion in offshore electricity transmission
Equitix’s designation aligns with its strategy to strengthen its position in the UK energy infrastructure market. The company’s involvement in other key projects, such as Dogger Bank A, illustrates a growth approach focused on mid-sized projects, backed by differentiated financial structuring.
With over 12.5 GW of installed capacity in its renewable energy portfolio, Equitix is diversifying its investments while securing long-term revenue streams through regulated assets. The OFTO model, characterised by fixed remuneration over 20 years, continues to attract institutional investors seeking stable returns.
