The deal is worth £459 million and the Blue Transmission consortium, comprising Barclays infrastructure Funds Management, and a UK subsidiary of Mitsubishi Corporation will now own and maintain the link for the next 20 years.
Half of the debt funding for the purchase was provided by the European Investment Bank (EIB).
Lord Mogg, the Ofgem chair, said: “This is a significant milestone. With a value of £459 million, these are the highest value assets to have been tendered under the offshore regime to date, bringing the total value of new investment attracted to the sector to over £1 billion.”
He added: “I also welcome the ongoing EU support through the EIB. Their financial support in terms of this project is a further endorsement of the competitive approach that is delivering offshore transmission investment.”
The London Array offshore windfarm, which has 175 turbines, with a combined capacity of 630MW, is a joint project between Dong Energy, Eon, and the Abu Dhabi state-backed energy company Masdar.