Mitsubishi Corp and Barclays affiliate to buy London Array's seabed cables

JAPAN: Mitsubishi Corporation and an infrastructure investment company affiliated to Barclays Bank are set to purchase undersea cables linking the London Array offshore wind project to the onshore facilities.

London Array
London Array

The purchase is scheduled for later this month when a 50/50 joint venture to be established by Mitsubishi and the Barclays affiliate will purchase a total of 55 kilometres of undersea cable.

The joint venture will also purchase offshore substation equipment from a group including Dong Energy.

The undersea cable cost is estimated at 30 billion yen (EUR 228 million), with the cost for the substation equipment estimated at 70 billion yen (EUR 532 million).

The news was reported in two Japanese newspapers over the weekend. A Mitsubishi Corporation spokesman declined to confirm them, saying that funding procedures have yet to be completed, but he allowed that the reports were broadly correct.

The official announcement is expected by 12 September. Once purchase is completed the Anglo-Japanese corporation will own seabed cable with a capacity of 1,310MW.

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