Investor 3i Infrastructure has agreed to acquire the stake in Esvagt owned by its co-investor AMP Capital, which will result in the former holding 100% of the equity in Esvagt.
Completion of the £268m investment is subject to certain third party consents and is expected to take place in the first quarter of 2022.
In its half year results announcement, 3i Infrastructure said that a strategic review of its holding in Esvagt was in progress and that as part of that review, offers had been invited.
However, the company retained the options of continuing to hold its 50% stake, to sell, or to offer to buy the AMP Capital stake.
Binding offers for 100% of the equity were received but not at a compelling price for 3i Infrastructure, and so the company elected to offer to buy the AMP Capital stake.
3i Infrastructure and AMP acquired Esvagt in 2015.
3i Infrastructure chair Richard Laing said: “Esvagt’s transition into a market leader in European offshore wind has been a major achievement.
“We believe that it is well-placed to benefit from continuing attractive growth prospects in the wind sector and we are delighted to be acquiring 100% of the business.”