Mitsubishi Corporation (hereafter “MC”), through its wholly owned special purpose company and its UK based subsidiary, has acquired a 50% share of the Walney 1 offshore transmission assets (hereafter “Walney 1”). The acquisition was made from Macquarie Capital Group Limited (UK Branch) (hereafter “Macquarie”), and represents the first time for a Japanese company to be involved in operation of offshore undersea transmission cable business overseas.

Macquarie, following a tender for the licence to operate the transmission cable run by Ofgem, the UK energy regulator and which commenced in July 2009, has owned the right to operate the Walney 1 offshore undersea transmission cable together with a Fund managed by Barclays Infrastructure Funds Management (hereafter “BIFM”). After the transaction between Macquarie and MC, MC and The BIFM Fund now each own 50% of Walney 1.