Danish energy group Ørsted (formerly known as DONG Energy) will sell a 50% interest in the 1,218 MW Hornsea 1 offshore wind project in the United Kingdom to Global Infrastructure Partners (GIP) for nearly £4.5bn (€5bn). The transaction price encompasses the acquisition cost for the stake along with the commitment to fund 50% of the payments under the engineering, procurement and construction (EPC) contract for the project. GIP will pay the acquisition over the 2018-2022 period through a multi-tranche financing package of over £3.5bn.
Ørsted started to build the wind park in January 2018. It consists of 174 turbines rated 7 MW each and is expected to be fully commissioned in 2020. It will be linked with the UK mainland grid through a 120-km long cable interconnection system built by ABB. Hornsea One was granted a Final Investment Decision Enabling contract (Contract for Difference, CfD) by the British Government in April 2014 and will receive a fixed tariff for the first 15 years of production.