London-based international investor and manager, John Laing Group, has acquired a stake in the transmission assets for the 1.3 GW Hornsea Two offshore wind farm in the UK, as part of a portfolio acquisition from HICL Infrastructure.
John Laing Group has agreed to acquire HICL Infrastructure’s entire equity interest in four UK public-private partnership projects, including a 37.5 per cent stake in the Hornsea Two offshore transmission assets for a total consideration of GBP 204 million (EUR 236 million).
All five acquisitions are expected to be completed before the end of March 2024.
“We are delighted to acquire this portfolio of operational core infrastructure assets backed by long-term contracts linked to inflation. These assets further diversify our current portfolio, building on our extensive education, health and renewable energy experience. The transaction also marks our entry into the growing transmission sector, where we see exciting opportunities,” said Andrew Truscott , Chief Executive of John Laing.
A few months ago, Diamond Transmission Partners (DTP), a partnership between Diamond Transmission Corporation Limited and HICL Infrastructure, agreed to buy offshore transmission assets of Hornsea Two from Breesea, Soundmark Wind, and Sonningmay Wind, a joint venture between Ørsted and AXA IM Alts and Crédit Agricole Assurances (CAA).
In September 2022, following a competitive tender, Ofgem selected DTP as the preferred bidder for the offshore transmission licence for the Hornsea Two offshore wind farm.
Developed by Ørsted, the 1.3 GW Hornsea Two features 165 Siemens Gamesa 8 MW wind turbines which can power over 1.4 million UK homes with clean energy.
The first turbine was installed at the end of May 2021 and the 1,320 MW wind farm generated its first power at the end of that year.
The power produced by Hornsea Two is being transferred to the offshore substation and RCS via 373 kilometres of array cables and is reaching the national grid through 390 kilometres of offshore and 40 kilometres of onshore export cables which terminate at the onshore substation in Killingholme.
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