Ofgem has handed the Offshore Transmission Owner (OFTO) license, worth £308 million (EUR 393 million) following a tendering process.
TCP will be paid £24 million a year to maintain the transmission system. Ofgem said this revenue is lower than previous OFTO contracts, when considered as a percentage of the value of the transmission system, thanks to the competitive auction process driving down costs.
The Lincs project, owned by Centrica, Dong Energy and Siemens, was commissioned in 2013. It is located eight kilometres off the UK's northeast coast and uses 75 Siemens 3.6MW turbines.
Ofgem named TCP as the preferred bidder for the OFTO in 2012. TCP also owns the transmission links for the 180MW Robin Rigg, 172MW Gunfleet Sands, 90MW Barrow and the 150MW Ormonde projects.