Greencoat UK snaps up 12.5% stake in Hornsea 1 for £400m

The acquisition of the stake in the 1.2GW offshore wind farm off east England is expected to complete in the third quarter of the year

Investment company Greencoat UK has announced it has agreed to acquire a 12.5% stake in Hornsea 1 offshore wind farm from Global Infrastructure Partners (GIP).

The deal was made for a total cash consideration, including cash and working capital, of approximately £400 million, the company said.

Hornsea 1, which entered into full operation in December 2019, is considered the world’s largest offshore wind farm and is located 80 miles off the Yorkshire coast in the North Sea.

It consists of 174 Siemens turbines and has a grid export capacity of 1.2GW.

Hornsea 1 is currently 50% owned by Ørsted and 50% owned by GIP.

Shonaid Jemmett-Page, Chairman of the Company, said: “Hornsea 1 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.”

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