In May this year, the British investment company has signed an agreement with Global Infrastructure Partners (GIP) to acquire a 12.5% stake in Hornsea one, for a total consideration of around £400m
Greencoat UK buys stake in Hornsea one. (Credit: Andrew Martin from Pixabay)
British renewable infrastructure fund Greencoat UK Wind has completed its previously announced acquisition of a minority stake in 1200MW Hornsea one offshore wind farm.
In May this year, the investment company has signed an agreement with Global Infrastructure Partners (GIP) to acquire a 12.5% stake in Hornsea one, for a total of around £400m.
The Hornsea One complex is located 120km off the coast of Yorkshire, England. GIP, together with its joint venture partner Ørsted own the facility, which is also its operator.
The offshore wind farm features 174 Siemens Gamesa turbines that were fully operational since December 2019, and is considered as the world’s largest offshore wind farm.
Greencoat UK financed the acquisition using its available cash flow reserves, and debt from revolving credit facility.
Orsted will continue to deliver operation, maintenance and management services to the wind farm.
Greencoat UK Wind chairman Shonaid Jemmett-Page, in May 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 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.
“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.”
Greencoat UK Wind is a renewable infrastructure fund managed by UK-based renewable investment manager Greencoat Capital.
Greencoat Capital has more than £7bn of assets under management, and has invested in 45 operating UK wind farms with net generating capacity of 1,610MW.