TRIG buying more shares in 1.2-GW Hornsea One wind farm

The Renewables Infrastructure Group (LON:TRIG), an investment firm managed by InfraRed Capital Partners, today said it has agreed to lift its shareholding in the 1.2-GW Hornsea One wind farm in UK waters to 10.2%.

The company will buy an additional 2.4% stake through a deal that comes on the heels of an earlier agreement from March to purchase an initial 7.8% equity interest in the project. In both transactions, the shares are being sold by Global Infrastructure Partners (GIP), which owns Hornsea One through a 50/50 joint venture (JV) with Denmark’s Ørsted A/S (CPH:ORSTED).

The deal involving TRIG’s original investment has all required permits in place and is due to be finalised this month. The company’s incremental investment is seen to be wrapped up by the end of the third quarter.

The 10.2% stake in Hornsea One will represent 9% of TRIG's portfolio by value, the investment firm said.

The Hornsea One complex, currently the largest wind farm in the world, 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. The plant is operated by Ørsted and has in place an inflation-linked Contract-for-Difference (CfD) that expires in 13 years.

In May, Greencoat UK Wind Plc (LON:UKW) struck a deal with GIP to buy a net 12.5% stake in Hornsea One. The transaction is expected to close in the third quarter.

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