GIP buys Hornsea stake

21 September 2018

Orsted has signed an agreement to sell a 50 % stake in the under-construction Hornsea offshore wind farm to Global Infrastructure Partners (GIP).

The 1218 MW wind farm, located off the north-east coast of England, will be the world’s largest offshore wind farm when commissioned in 2020. Under the agreement with GIP, Orsted will build the project under a full-scope engineering, procurement and construction (EPC) contract and provide long-term operations and maintenance services as well as a route to market for the energy generated.

Orsted said that the deal with GIP was a “landmark transaction” for its business. The total sales price for Hornsea 1 comprises the price for the acquisition of a 50 per cent ownership share and the commitment to fund half of the payments under the EPC contract for the entire wind farm (including the transmission assets). It amounts to approximately £4.46 billion, which is to be paid between 2018 and 2020.

GIP also holds 50 per cent ownership shares of two of Ørsted’s German offshore wind farms, Gode Wind 1 and Borkum Riffgrund 2.

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