By Jaime Llinares Taboada
Greencoat UK Wind PLC said Monday that it has agreed to acquire a 12.5% stake in Hornsea 1, the world's largest offshore wind farm, from Global Infrastructure Partners for 400 million pounds ($490.6 million).
The renewable infrastructure fund said that the acquisition is for a total enterprise value of GBP1.1 billion after including GBP0.7 billion of limited recourse debt.
Greencoat expects to fund the acquisition from cash flow and its revolving credit facility. The deal is expected to complete in the third quarter.
"This transaction, once completed, will add another high quality operating asset to our portfolio and increase our net generating capacity to over 1.6GW," Chairman Shonaid Jemmett-Page said.
Hornsea 1 has a total generation capacity of 1.2 gigawatts and is located in the U.K. North Sea. It is 50% owned and operated by Danish offshore wind developer Oersted AS and 50% owned by U.S. investment fund GIP.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT
(END) Dow Jones Newswires