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Greencoat UK Wind Invests in Hornsea 1 Offshore Wind Farm.

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Vincent

MANews-(C)2009-2022

UK-based renewable infrastructure fund Greencoat UK Wind plc (LSE: UKW) has agreed to acquire a net 12.5% stake in Hornsea 1 offshore wind farm from Global Infrastructure Partners for a total cash consideration (including cash and working capital) of approximately GBP 400m (USD 488m), the company said.

The acquisition is expected to complete in 3Q22.

Hornsea 1 is the world's largest offshore wind farm 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 (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 GBP 175.25/MWh (real 2022).

Hornsea 1 is currently 50% owned by Orsted and 50% owned by GIP, with GIP's 50% stake part funded by GBP 2.9 bn of limited recourse debt.

UKW's pro rata share of this limited recourse debt is GBP 0.7bn, giving a total enterprise value of GBP 1.1bn for UKW's net 12.5% stake.

Orsted will continue to provide operation, maintenance and management services to the wind farm.

The...

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