Global Infrastructure Partners (GIP) has sold a 12.5% stake in the Hornsea One offshore wind farm to Octopus Energy Generation and GLIL Infrastructure, each paying £200m ($243m).
Hornsea One is the world’s largest offshore wind farm to date and is located 129 km off the Yorkshire coast in the North Sea. It comprises 174 Siemens 7 MW turbines and has a grid export capacity of 1.2 GW, making it the world’s first offshore wind farm to exceed 1 GW.
The wind farm entered into full commercial operation in December 2019, has a high load factor and benefits from a 15-year contract for difference (CfD) at a price of £175.25/MWh.
Earlier this year, the renewable infrastructure fund Greencoat UK Wind picked up another 12.5% stake from GIP for £400m.
Following the transaction, which is expected to close by October this year, Hornsea One will be owned by Ørsted with 50%, GIP with 14.8%, Greencoat Capital with 12.5%, Octopus and GLIL 12.5% and the Renewables Infrastructure Group holding a 10.2% stake.