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

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.