Renewable infrastructure fund Greencoat UK Wind Plc has agreed a £400 million deal for a 12.5 per cent stake in Hornsea One.
It is buying from Global Infrastructure Partners, a New York-based investment fund that went in 50/50 with developer Orsted before a turbine was installed on the world-leading offshore farm anchored in Grimsby.
The deal is expected to complete in quarter three.
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Greencoat chair Shonaid Jemmett-Page said: “As the leading independent UK wind farm owner, we are pleased to announce our investment into the world's largest offshore wind farm. Hornsea One has a high load factor and high CFD price which complements our subsidy free investments.
"This transaction, once completed, will add another high quality operating asset to our portfolio and increase our net generating capacity to over 1.6GW.
"We continue to see an attractive pipeline of projects, both onshore and offshore, and given the size and scale that the company has attained over recent years, we remain strongly positioned to deliver more value-accretive acquisitions and extend our track record of strong shareholder returns."
Hornsea, the first gigawatt-capacity offshore wind farm, sits 80km off the East Yorkshire coast.
It benefits from a 15 year contract for difference, at a price of £175.25/MWh, with 174 7MW turbines generating 1.2GW.
It is Greencoat’s second investment in a port-controlled farm, with Humber Gateway already part of the portfolio.
Hornsea One entered commercial operation in December 2019, with Orsted retaining operations, maintenance and management from its East Coast Hub.
Global Infrastructure Partners has justbought WPD, a German leading project developer and independent renewables power producer for onshore wind, offshore wind and solar. The deal is subject to regulatory approval.
It comes as Orsted celebrated a decade in Grimsby with the release of an economic impact report spanning the period - and the substantial investment still to come.
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