November 27 (Renewables Now) - Aviva Investors has invested GBP 400 million (USD 512.4m/EUR 451.4m) in fixed-rate and inflation-linked bonds, supporting construction of the 1,218-MW Hornsea 1 offshore wind farm in the North Sea.
The global asset management business of Aviva plc (LON:AV) made the announcement on Sunday, a day before Ørsted A/S (CPH:ORSTED) said it has completed the sale of a 50% stake in the offshore wind project to Global Infrastructure Partners (GIP). The deal is worth GBP 4.46 billion, including the price for buying the 50% stake and a commitment for GIP to finance 50% of engineering, procurement and construction (EPC) expenses.
Aviva Investors says this transaction has been funded through one of the largest project finance packages ever in the renewable energy sector.
Hornsea One, being built 120 km (75 miles) off the Yorkshire coast, is expected to become fully operational in 2020. Upon completion, the plants' 174 Siemens Gamesa turbines will make up the world’s largest offshore wind park. “We continue to have strong appetite for future investments within this sector, seeking opportunities that meet our clients’ investment requirements,” said Darryl Murphy, Head of Infrastructure Debt at Aviva Investors.
(GBP 1 = USD 1.28/EUR 1.13)