The annual payment made to TC Lincs OFTO will be £24m and the operator is subject to achieving the necessary performance standards.
TC Lincs OFTO is owned by Transmission Capital Partners (TCP), a consortium consisting of Transmission Capital Partners LP and International Public Partnerships.
Located 8km off the coast of Skegness, Lincs wind farm features 75 3.6MW turbines that will generate enough energy for about 200,000 homes.
The project was tendered under the second round of the Offshore Transmission Owner regime, which totals more than £1.4bn of transmission assets.
Lincs is the tenth offshore transmission project to reach financial close and the second in the tender round.
The wind farm is developed by the joint venture of Dong Energy, Centrica, and Siemens Project Ventures.
Construction on the project started in 2010 and the wind farm was opened in August 2013.
The European Investment Bank (EIB) has agreed to provide £168m for a new 100km connection between the Lincs wind farm and the UK national transmission network.
The transmission connection will feature one offshore substation and connect to the national transmission network at an onshore substation at Walpole, Norfolk.
EIB vice president Jonathan Taylor said: "Offshore wind will play a significant role as part of the UK’s energy mix over the coming decades and the European Investment Bank is committed to supporting long-term investment in energy infrastructure that both enhances production of electricity from renewable sources and connects renewable energy into the national network."
Image: Located 8km off the coast of Skegness, Lincs wind farm features 75 3.6MW turbines. Photo: Courtesy of DONG Energy A/S.
