Greencoat UK wraps up 12.5% purchase of 1.2-GW Hornsea One

Greencoat UK Wind Plc (LON:UKW) has finalised the acquisition of a net 12.5% stake in the 1.2-GW Hornsea One wind farm in UK waters, the renewable energy fund managed by Greencoat Capital LLP said today.

The interest was purchased from Global Infrastructure Partners (GIP), which owns Hornsea One through a 50/50 joint venture (JV) with Denmark’s Ørsted A/S (CPH:ORSTED), in a deal valued at GBP 400 million (USD 470.1m/EUR 473.8m).

Greencoat signed an original agreement to acquire the interest in May and said at the time that the specific stake has an enterprise value of GBP 1.1 billion. The funded the purchase with cash flow reserves and debt from its revolving credit facility.

The Hornsea One complex is located 120 km (75 miles) off the coast of Yorkshire, England. It is powered by 174 Siemens Gamesa turbines that became fully operational in December 2019, forming the world’s largest offshore wind farm. The plant is operated by Ørsted and has in place an inflation-linked Contract-for-Difference (CfD) that expires in 13 years.

Meanwhile, The Renewables Infrastructure Group Ltd (LON:TRIG) is in the process of buying 10.2% of GIP’s stake in Hornsea One in two separate transactions.

(GBP 1.0 = USD 1.175/EUR 1.185)

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