Ørsted A/S divests 50% of Hornsea 1 to Global Infrastructure Partners.

Ørsted signed an agreement with Global Infrastructure Partners to sell 50% of the 1,218MW offshore wind farm Hornsea 1. Hornsea 1 is under construction and will be the world’s largest offshore wind farm when commissioned in 2020. Total price of the transaction is about $5.9bn, which includes sale of the 50% stake and a commitment by GIP to fund 50% of the payments under an engineering, procurement and construction contract for the entire wind farm. Ole Kjems Sørensen, Executive Vice President for M&A, Partnerships and Asset Management at Ørsted, says: “This is our third partnership with GIP, and we are delighted to have one of the world’s largest infrastructure funds as a partner, in what will be the world’s largest offshore wind farm. The Hornsea 1 farm down is a landmark transaction which will create substantial value for our shareholders and reduce single asset exposure.”