The Walney Windfarm is a joint ownership of DONG Energy, Scottish and Southern Energy and OPW with the second high voltage transmission link having received funding from the European Investment Bank (EIB).
Blue Transmission takes over the ownership from Ofgem E-Serve following a competitive tender wherein the company bid to purchase the link for £110m.
EIB will provide half of the debt funding for the purchase with the remaining funds to be provided by four commercial lenders.
European Investment Bank UK vice president Simon Brooks remarked that this financing will eventually reduce the cost of renewable energy paid by consumers.
"Ensuring funding for projects such as the Walney 2 link is essential for infrastructure investment that promotes climate action," Brooks added.
Ofgem chairman Lord Mogg concluded, "The EIB’s major investment in Walney 2 is a further strong endorsement of the competitive approach that is at the heart of GB’s Offshore regime."
