The company that will own and operate a £308 million transmission link to the Lincs offshore wind farm has been revealed.

Ofgem granted the licence to TC Lincs OFTO Limited for the 270MW wind project – located eight kilometres off the coast of Skegness – which will provide enough electricity to power 200,000 homes.

It said the annual payment made to the operator, which is owned by Transmission Capital Partners – a consortium of Transmission Capital Partners and International Public Partnerships – will be £24 million.

However, it is subject to it “achieving the required performance standards”.

The European Investment Bank (EIB) has agreed to provide £168 million for the new connection between the offshore wind farm and the UK transmission network.

Jonathan Taylor, EIB Vice President 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.”

The wind project is joint venture between Centrica (50%), DONG Energy (25%) and Siemens Project Ventures (25%).