Greencoat UK Wind to Buy 12.5% Stake in Hornsea 1 Offshore Wind Farm for GBP400 Million
16 May 2022 - 5:16PM
Dow Jones News
By Jaime Llinares Taboada
Greencoat UK Wind PLC said Monday that it has agreed to acquire
a 12.5% stake in Hornsea 1, the world's largest offshore wind farm,
from Global Infrastructure Partners for 400 million pounds ($490.6
million).
The renewable infrastructure fund said that the acquisition is
for a total enterprise value of GBP1.1 billion after including
GBP0.7 billion of limited recourse debt.
Greencoat expects to fund the acquisition from cash flow and its
revolving credit facility. The deal is expected to complete in the
third quarter.
"This transaction, once completed, will add another high quality
operating asset to our portfolio and increase our net generating
capacity to over 1.6GW," Chairman Shonaid Jemmett-Page said.
Hornsea 1 has a total generation capacity of 1.2 gigawatts and
is located in the U.K. North Sea. It is 50% owned and operated by
Danish offshore wind developer Oersted AS and 50% owned by U.S.
investment fund GIP.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 16, 2022 03:01 ET (07:01 GMT)
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