Greencoat Completes Transaction to Acquire 12.5 Pct of Hornsea One

Greencoat UK Wind has completed its acquisition of a net 12.5 per cent stake in the Hornsea One offshore wind farm in the UK, currently the world’s largest offshore wind farm in operation.

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

Greencoat announced the signing of an agreement to acquire the stake on 16 May 2022 and said the buy-in will be funded from cash flow and, to the extent required, the company’s revolving credit facility.

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By the end of the third quarter of 2022, Ørsted will control 50 per cent, Global Infrastructure Partners (GIP) 27.3 per cent, Greencoat UK Wind 12.5 per cent, and The Renewable Infrastructure Group (TRIG) 10.2 per cent of the 1.2 GW offshore wind farm.

This shareholding ratio also follows TRIG’s announcement from last month that it will acquire a further 2.4 per cent equity interest in Hornsea One from Global Infrastructure Partners (GIP), after initially purchasing a 7.8 per cent equity stake in the project. This transaction is scheduled to be closed by the end on Q3 2022.

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Hornsea One, operational since January 2020, comprises 174 Siemens Gamesa wind turbines and is generating enough energy to power over one million homes in the UK.

The 1.2 GW offshore wind farm will soon be taken off the throne of the world’s biggest wind farm in operation as Ørsted expects to fully commission the 1.3 GW Hornsea Two over the coming days.

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