Denmark’s Orsted to sell 50% stake in Hornsea 1 wind farm for $5.86 bln

Danish offshore wind farm developer Orsted A/S has announced that it signed an agreement to sell 50 percent of the 1,218-megawatt offshore wind farm Hornsea 1, which is under construction off the English coast in the North Sea, to U.S. infrastructure investment fund Global Infrastructure Partners (GIP).

Under the deal, Orsted will construct the wind farm under a full-scope engineering, procurement, and construction contract and provide long-term operations and maintenance services along with a route to market for the power generated by Hornsea 1.

The total price of the transaction is about 4.46 billion pounds ($5.86 billion), which includes sale of the 50 percent stake and a commitment by GIP to fund 50 percent of the payments under an engineering, procurement and construction contract for the entire wind farm.

GIP will partially finance its acquisition using a multi-tranche financing package of more than $4.5 billion, containing a mixture of investment grade-rated project bonds.