Ørsted completes 50% sale of 1.2 GW offshore wind project to GIP

Ørsted has completed the sale of a 50% stake in the 1,218-MW Hornsea 1 offshore wind farm in the North Sea to Global Infrastructure Partners (GIP).

The project involves the installation of 174 units of 7 MW Siemens Gamesa turbines ​in a 407km² area within the Hornsea zone of the North Sea, located around 120km from the east coast of England. It will generate enough electricity to power more than one million UK homes.

The wind farm will connect to the grid through HVAC export cables that make landfall at Horsehoe Point and run approximately 38km to an onshore substation at North Killingholme in Lincolnshire.

As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract. Ørsted will also provide long-term operations and maintenance services from its O&M base in Grimsby and provide a route to market for the power generated by Hornsea 1.

The total sales price for Hornsea 1 comprises the price for the acquisition of a 50% ownership share and the commitment to fund 50% of the payments under the EPC contract for the entire wind farm (including the transmission assets). It amounts to approximately GBP 4.46 billion, which is to be paid between 2018 and 2020.

Hornsea One is expected to become fully operational in 2020.