Greencoat UK Wind has wrapped up the acquisition process in Orsted’s 1200MW offshore wind farm.
The company acquired a minority stake of Hornsea 1 which is located off east England. Hornsea 1 consists of 174 Siemens 7MW turbines.
This project had entered into commercial operation at the end of 2019.
The company informed that it purchased a 12.5% shareholding from Global Infrastructure Partners (GIP). The acquisition is of around £400m (€470m).
It stated that the “acquisition is expected to be funded from cash flow and, to the extent required, the company's revolving credit facility.”
Greencoat UK Wind chair Shonaid Jemmett-Page was quoted, “As the leading independent UK wind farm owner, we are pleased to announce our investment into the world's largest offshore wind farm. This transaction, once completed, will add another high quality operating asset to our portfolio and increase our net generating capacity to over 1.6GW.”
Furthermore, the company informed that it has both onshore and offshore pipeline of projects.
