Orsted offloads 50% of Hornsea 1

19/09/2018 08:54 Wind


Orsted has sold a 50% stake in its in-construction 1218MW Hornsea 1 offshore wind farm off east England to Global Infrastructure Partners.

The Danish developer will continue to build-out the project off Yorkshire under a full-scope EPC contract and provide long-term operations and maintenance under the deal.


Half of the total construction cost will be met by GIP, including the transmission assets. The deal is worth £4.46bn, which is to be paid in 2018 and 2020, Orsted sad.


GIP is partially financing its acquisition using a multi-tranche package of more than £3.5bn.


The cash contains a mixture of investment grade-rated project bonds issued to a consortium of blue chip institutional debt investors, commercial bank loans and mezzanine debt provided by the Danish pension fund PFA, with some tranches guaranteed by EKF, Denmark’s Export Credit Agency.


The financing is the largest single-project financing to date in the global renewable energy sector, Orsted said. The Danish developer structured and led the financing and co-arranged with GIP.


The transaction is subject to certain regulatory approvals, including from relevant competition authorities, and is expected to close in the fourth quarter 2018.


Hornsea 1 will feature 174 Siemens Gamesa 7MW turbines and is due online in 2020.

Source: renews.biz

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