Mitsubishi Corporation (MC) has been selected as the preferred bidder for an offshore electricity transmission asset in the UK.

The new asset connects the 573MW Race Bank offshore windfarm with the Walpole substation owned by National Grid. The bidder was selected through MC’s subsidiary Diamond Transmission (DTC).

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With an estimated value of £500.9m, the transmission line project will be the sixth for MC in the UK and includes subsea cable, land cable, and offshore and onshore substations.

“Through its wholly-owned subsidiary, MC seeks to further expand its investments in offshore transmission assets in Europe.”

Starting March next year, MC intends to execute the electricity transmission business for a period of 20 years following completion of the asset acquisition and gaining an Offshore Transmission Owner (OFTO) license by the UK’s Office of Gas and Electricity Markets (Ofgem).

Following its acquisition of the Race Bank offshore windfarm transmission link, DTC now operates six out of 18 offshore transmission assets in the UK.

In addition to the UK, DTC also holds four offshore transmission assets in Germany.

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DTC entered the offshore power transmission business in 2011, and since then MC has actively worked on the acquisition and management of assets in Europe.

Through its wholly-owned subsidiary, MC seeks to further expand its investments in offshore transmission assets in Europe.

The European Commission (EC) roadmap suggests that by 2050, it aims to cut its greenhouse gas emissions to 80% of levels recorded in 1990.

In order to achieve its target, the EU expects to generate some 50GW of offshore wind power capacity by 2030.