Greencoat UK Wind is investing 拢400m (鈧�476.6m) to buy a stake in Hornsea 1, the world鈥檚 largest offshore wind farm.
The UK-listed listed renewable infrastructure fund said it has agreed to buy the 12.5% stake in Hornsea 1 from Global Infrastructure Partners (GIP).
GIP and Danish energy firm 脴谤蝉迟别诲 currently own a 50% stake each in the wind farm located 80 miles off the Yorkshire coast in the North Sea.
GIP鈥檚 stake is funded by 拢2.9bn debt. Greencoat UK Wind said its pro-rata share of the debt is 拢700m, giving a total enterprise value of 拢1.1bn for Greencoat UK Wind鈥檚 net 12.5% stake.
Hornsea 1 comprises 174 Siemens 7MW turbines and has a grid export capacity of 1.2GW.
Shonaid Jemmett-Page, Greencoat UK Wind鈥檚 chairman, said: 鈥淭his transaction, once completed, will add another high quality operating asset to our portfolio and increase our net generating capacity to over 1.6GW.
鈥淲e continue to see an attractive pipeline of projects, both onshore and offshore, and given the size and scale that the company has attained over recent years, we remain strongly positioned to deliver more value-accretive acquisitions and extend our track record of strong shareholder returns.鈥�
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