Ørsted closes 50% sale of Hornsea 1 offshore wind project

Ørsted A/S (CPH:ORSTED) has completed the sale of a 50% stake in the under-construction 1,218-MW Hornsea 1 offshore wind farm in the North Sea to Global Infrastructure Partners (GIP).

The Danish energy group announced on Monday that the deal, worth GBP 4.46 billion (USD 5.72bn/EUR 5bn), will not affect its financial guidance or expected investment level for 2018. Following its completion, Ørsted will take care of building the wind park under a full-scope engineering, procurement and construction (EPC) agreement and will deliver long-term operations and maintenance (O&M) services.

The value of the divestment, as agreed in September, includes the price for buying the 50% stake and a commitment for GIP to finance 50% of the expenses under the EPC contract.

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. It will then leapfrog the 659-MW Walney Extension offshore wind farm in the Irish Sea, which Ørsted officially opened earlier in September.

(GBP 1.0 = USD 1.282/EUR 1.131)

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