Global Infrastructure Partners acquisition of 50% stake in Hornsea 1 offshore wind farm

19/9/2018
Project development, Project finance

Announced

19/9/2018


Overview:

  • Global Infrastructure Partners (GIP) has acquired a 50% stake in the 1218MW Hornsea 1 offshore wind farm from Ørsted.
  • Hornsea 1 is currently under construction and will be the world’s largest offshore wind farm when commissioned in 2020.
  • The project will use 174 Siemens Gamesa 7MW turbines.
  • The financing is the largest single project financing ever in the renewable energy sector. The package includes bank funding and a mezzanine tranche provided by Danish pension fund PFA. A portion of the debt is covered by the Danish Export Credit Agency EKF.

Jurisdiction:

United Kingdom

Deal types:

Project development
Project finance

Practice areas:

Project finance
Project development

Industry sector:

Energy


Firms:

Party: Lenders (Lender)


Party: Global Infrastructure Partners (Acquirer)