Octopus Energy Generation and GLIL Infrastructure have acquired a 12.5% stake in UK offshore wind farm Hornsea 1 from Global Infrastructure Partners.
Octopus made a £200m investment on behalf of Nest, one of the UK’s largest pension schemes representing a third of the UK workforce.
GLIL Infrastructure, a UK infrastructure investor initially set up by London Pensions Fund Authority and Greater Manchester Pension Fund in 2015, is also investing £200m.
The deal represents GLIL’s first ever offshore wind investment.
The Orsted-operated 1218MW Hornsea 1 wind farm comprises 174 wind turbines and has been generating power since 2020.
GIP acquired 50% of the wind farm from Orsted in 2018 and has made a series of piecemeal equity divestments in the project over the past year.
Equitix, Greencoat UK Wind and InfraRed and RES-managed The Renewable Infrastructure Group (TRIG) fund have all so far acquired minority stakes.
Octopus Energy Generation chief executive Zoisa North-Bond said: “The UK is already a world leader in offshore wind but there is still so much more we can do.
“Harnessing the UK’s strong wind resources out at sea will help provide energy security and bring down energy bills.
“We’ve already made a splash in offshore wind after only entering this renewable technology earlier this year, and we have lots more coming up.”