Acquiring a minority stake in Hornsea One offshore wind farm
Capacity: Approx. 1,218MW
Investment Date: March 20, 2023
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We have acquired a 3.3% stake in Hornsea One, one of the world's largest operating offshore wind power projects. Hornsea One is part of the Hornsea series by Ørsted A/S ("Ørsted"), a leading offshore wind operator, located off the northeastern coast of England. The project features 174 turbines across approximately 407 square kilometers, with a combined total capacity of 1.2 GW. Under Ørsted's management, Hornsea One has a proven operational track record and is expected to generate long-term, sustainable cash flow.
Investment Highlights
The United Kingdom has the world's largest offshore wind power generation capacity (excluding China), with numerous projects being constructed and operated sustainably under various systems. We believe that the industry knowledge and expertise gained from this project can be applied to our domestic businesses. This acquisition builds on our partnership with Equitix, which has been cultivated since our first co-investment in Electricity North West in 2019.
Future Actions
This is our first investment in an offshore wind power project and represents a significant milestone in accelerating our market exploration and contributing to a sustainable capital cycle. Together with Equitix and other partners, we aim to seek further investment opportunities and expand our renewable energy and infrastructure portfolio in Europe.
Posted on March 20, 2023