Orsted has completed the divestment of 50% of the Hornsea 2 Offshore Wind Farm to a consortium comprising AXA IM Alts and Credit Agricole Assurances.
Previously announced in March this year, the total value of the transaction is £3bn and was set to close once the wind farm was commissioned.
The 1.3GW Hornsea 2 Offshore Wind Farm in the UK entered operations last month. Comprising 156 turbines, it is the largest operating offshore wind farm in the world.
Located 89km off the Yorkshire coast and spanning an offshore area of 462 sq km Hornsea 2 sits alongside the Hornsea 1 project, as well as the upcoming Hornsea 3.
With the closing of the deal, AXA IM Alts and Credit Agricole Assurances will each own 25% of the project. The investors’ 50% stake in Hornsea 2 will be funded through a combination of equity and a senior multi-tranche staple financing package provided by 30 banks and including a covered tranche guaranteed by EKF, Denmark’s export credit agency.
Orsted will provide long-term operations and maintenance services for 20 years from its O&M base at the Port of Grimsby. Furthermore, the company will provide the incoming partners with balancing services and a long-term route to market for the renewable electricity generated from Hornsea 2.