Renewable infrastructure fund Greencoat UK Wind plc has completed the acquisition of a net 12.5% stake in Hornsea 1 offshore wind farm in the UK.
The deal was first announced on May 16, 2022, when Greencoat said it would buy the 12.5% stake in Hornsea 1 from Global Infrastructure Partners ("GIP") for £400 million (around $496.5 million at the time).
Hornsea 1 is the world's largest offshore wind farm in operation and is located 80 miles off the Yorkshire coast in the North Sea.
It comprises 174 Siemens 7MW turbines and has a grid export capacity of 1,200MW, and is the world's first offshore wind farm to exceed 1GW.
Hornsea 1 entered into full commercial operation in December 2019, has a high load factor and benefits from a 15 year CFD at a price of £175.25/MWh (real 2022).