Ofgem has selected Diamond Transmission Partners as the preferred bidder to own and operate the high voltage transmission link to a 353MW offshore wind farm.
The company, a consortium comprising Mitsubishi Corporation and HICL Infrastructure Company Limited, has been chosen through a tender process to become Offshore Transmission Owners (OFTOs).
The Galloper offshore wind farm, located 30km off the Suffolk coast, consists of 56 turbines and was operational in March this year.
It can generate enough electricity to power more than 380,700 homes in the UK.
The regulator said: “Since Ofgem and government launched the OFTO regime in 2009 winning bidders have so far invested more than £3.3 billion in links and generation assets which have connected more than 5GW of offshore wind farms.
“Tendering ownership of these links through the regime continues to reduce the cost of connecting offshore wind. At least £700 million in savings have been achieved for consumers so far across the first three tender rounds.”