Greencoat buys minority stake in 1,218 MW Hornsea One offshore wind project

Greencoat UK Wind Plc has agreed to pay GBP400 million (US$489.6 million) for a net 12.5% ownership in the 1.2 GW Hornsea One offshore wind farm in the UK seas.

Greencoat Capital LLP's renewable energy fund will buy the shareholding from Global Infrastructure Partners (GIP), which controls Hornsea One in a 50/50 joint venture with Orsted A/S. The transaction is expected to close in the third quarter of 2022. Greencoat plans to use cash flow reserves and its revolving credit facility to fund the purchase. 

The Hornsea One wind complex lies 120 kilometers off the Yorkshire coast. The project is powered by 174 Siemens Gamesa turbines that went live in December 2019, making it the world's largest offshore wind farm. The plant is managed by Orsted, and it has a 13-year inflation-linked Contract-for-Difference (CfD) in effect.

In March, GIP agreed to sell a 7.8% share in Hornsea One to the Renewables Infrastructure Group Ltd. The deal is expected to close by the end of the first half of 2022.