Greencoat UK Wind has completed the acquisition of a minority stake in Orsted’s 1200MW Hornsea 1 offshore wind farm off east England.
The investor, which first an agreement in May, has now wrapped up the purchase of a 12.5% shareholding from Global Infrastructure Partners (GIP).
The acquisition is for a total consideration of approximately £400m (€470m).
The listed renewable infrastructure fund said in May the acquisition is expected to be funded from cash flow and, to the extent required, the company’s revolving credit facility.
Greencoat UK Wind chair Shonaid Jemmett-Page added at the time: “As the leading independent UK wind farm owner, we are pleased to announce our investment into the world’s largest offshore wind farm.
“Hornsea 1 has a high load factor and high CfD price which complements our subsidy free investments.
“This transaction, once completed, will add another high quality operating asset to our portfolio and increase our net generating capacity to over 1.6GW.
“We continue to see an attractive pipeline of projects, both onshore and offshore, and given the size and scale that the company has attained over recent years, we remain strongly positioned to deliver more value-accretive acquisitions and extend our track record of strong shareholder returns.”
Hornsea 1 comprises 174 Siemens 7MW turbines and entered into full commercial operation in December 2019.