Danish power company Ørsted has agreed to sell a 50% stake in its 1.2GW Hornsea 1 UK offshore wind farm.
The stake in the facility, which is currently under construction off the coast of Yorkshire, will be purchased by US-based Global Infrastructure Partners (GIP) in an agreement set to close over the coming months.
In addition to a 50% ownership share, GIP has a commitment to cover half of the payments under the construction contract for the project. Meanwhile Ørsted will continue to oversee the construction, as well as providing operations and maintenance.
A total of £4.46bn is set to be paid to Ørsted by GIP by 2020, when the wind farm will begin generating power.
Ole Khems Sørensen, Executive Vice President for M&A, Partners and Asset Management at Ørsted said: “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.”