Infrastructure investor Greencoat UK Wind has agreed to buy a 12.5% stake in the 1.2GW Hornsea 1 project off the north-east coast of England.
It will pay a total cash consideration of approximately £400 million (€470 million) for the stake.
Following completion of the transaction – which is expected to be completed in the third quarter of 2022 – Hornsea 1 is due to be owned by Ørsted (50%), GIP (37.5%) and Greencoat (12.5%).
Hornsea 1 was commissioned in December 2019 and consists of 174 of Siemens Gamesa’s SWT-7.0-154 turbines.
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