The company purchased the remaining 66.66% ownership stake in the project from its joint venture partner Smart Wind.
SMart Wind is a joint venture between Mainstream Renewable Power and Siemens Financial Services.
Dong Energy exercised an option that enabled it to acquire full ownership once the project secured approval from the UK government in December 2014.
Hornsea Project One will feature three offshore wind farms, which will generate enough energy for about 800,000 homes in the UK.
Located 120km off the Yorkshire coast, the project is expected to feature between 150 and 332 offshore wind turbines based on the size of the units selected.
Dong Energy Wind Power executive vice president Samuel Leupold said: "The size and location of Hornsea Project One makes it the world’s first offshore wind farm with a capacity of more than 1GW located far from shore, and it brings some great opportunities for us and the supply chain to take advantage of economies of scale and further drive down the cost of electricity.
"We will now continue on our own to develop the project towards a final investment decision. The size of the project and the excellent wind conditions at site together with our strong focus on cost will make Hornsea one an important milestone towards the 100 Euro/MWh target."
Hornsea Project One, which is expected to start services around 2020, is part of the Hornsea Offshore Wind Farm zone that has a maximum capacity of 4GW.
The zone is one of the Crown Estate’s Round 3 offshore wind programme.
Image: The UK government has approved the Hornsea Project One in December 2014. Photo: Courtesy of Crown/UK Government.
