TRIG to Increase Stake in 1.2 GW Hornsea One

The Renewable Infrastructure Group (TRIG) has exchanged contracts to acquire a further 2.4 per cent equity interest in the 1.2 GW Hornsea One offshore wind farm from Global Infrastructure Partners (GIP).

Illustration; Hornsea One offshore wind farm; Photo source: Ørsted

Upon completion of this incremental investment, TRIG will hold a 10.2 per cent interest in Hornsea One, with the project representing 9 per cent of TRIG’s portfolio, by value.

The deal follows TRIG’s earlier move to purchase an initial 7.8 per cent equity stake in the project.

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All required permits involving TRIG’s initial investment have been received and the deal is due to be finalised this month.

The company’s incremental investment is planned to be completed by the end of the third quarter of 2022.

Located in the North Sea off the east coast of England, Hornsea One, the world’s largest offshore wind farm to date, became fully operational in January 2020.

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The project comprises 174 Siemens Gamesa wind turbines and is generating enough energy to power over one million homes in the UK.

The wind farm is operated by Ørsted and has in place an inflation-linked Contract-for-Difference (CfD) that expires in 13 years.

A few months ago, Greencoat UK Wind struck a deal with GIP to buy a net 12.5 per cent stake in Hornsea One. The transaction is expected to be complete in the third quarter of 2022.

By the end of the third quarter of 2022, Ørsted will control 50 per cent, TRIG 10.2 per cent, Greencoat UK Wind 12.5 per cent, and GIP 27.3 per cent of the project.

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