Hornsea One

DONG Energy (now Ørsted) entered the Hornsea Project One joint venture with SMart Wind (a 50/50 JV of Mainstream Renewable Power and Siemens Financial Services) in December 2011, with an option over the remaining 66.66% exercisable on consent — so DONG's entry stake is 33.34% by arithmetic (100 − 66.66). Consideration undisclosed.

DONG Energy (now Ørsted) exercised its option and acquired the remaining 66.66% of Hornsea Project One from SMart Wind, becoming sole owner: 'DONG Energy has acquired the remaining 66.66% ownership interest in the UK offshore wind development Hornsea Project One from its joint venture partner SMart Wind ... Consent was granted in December 2014 and DONG Energy, having exercised its option, has become the sole owner of the project.' Consideration undisclosed. Present tense 'has acquired' at announcement — closed dated to the same month.

GIP acquired 50% from Ørsted. Total commitment ~GBP 4.46bn comprising equity price + 50% of EPC contract payments — equity consideration to Ørsted not separately disclosed. GIP financed via GBP 3.5bn+ project bonds, bank loans and mezzanine debt (PFA). Third Ørsted-GIP offshore wind partnership. (GBP 4.46bn ~ EUR 5.0bn @ 0.8928 2018-09 ECB avg.)

Combined 12.5% stake acquired by consortium of TRIG (7.8%) and Equitix (4.7%). Deal value not disclosed. First tranche of GIP's full exit from Hornsea One.

Greencoat UK Wind bought a net 12.5% stake from GIP for a total cash consideration of GBP 402.5m (including cash and working capital), completed 26 August 2022; the May 2022 announcement had given approximately GBP 400m. Second tranche of GIP's exit.

Additional stake acquired by TRIG (+2.4%, total 10.15%) and Equitix (+10.15%, total 14.85%). Combined ~12.5% from GIP. Deal value not disclosed. Third tranche of GIP's exit. Daiwa Energy & Infrastructure co-invested 3.3% within Equitix's allocation (announced Mar 2023, not a separate arm's-length transaction).

GBP 400m total — GBP 200m each from Octopus Energy Generation (on behalf of Nest pension scheme, 6.25%) and GLIL Infrastructure (6.25%). Final tranche of GIP's complete exit from its 50% Hornsea One position. Originally reported GBP 400m, converted at GBP/EUR ~1.18 (2022).

On 30 October 2024, Ørsted announced the divestment of 12.45% minority stakes in four of its operational UK offshore wind farms — Hornsea 1 (1,218 MW), Hornsea 2 (1,320 MW), Walney Extension (659 MW), and Burbo Bank Extension (258 MW) — to Brookfield Infrastructure Fund V, a fund managed by Brookfield Asset Management. The combined transaction value is GBP 1.745 billion (approximately EUR 2,059m at GBP/EUR 1.18 for 2024). The transaction completed on 31 December 2024. The combined deal value is NOT repeated at record level to avoid double-counting across the four companion records (Hornsea One, Hornsea Two, Walney Extension, Burbo Bank Extension). Combined portfolio: 3,455 MW. Implied 100% equity value of combined portfolio: EUR 2,059m / 12.45% × 100% = EUR 16,547m. Per MW (combined): EUR 16,547m / 3,455 MW × 1,000,000 = EUR 4,790,000/MW — above the upper end of the operational range (EUR 1,800k–4,500k/MW); reflects CfD premium on inflation-linked UK contracts. All four assets are fully operational under long-term inflation-linked CfDs. Ørsted retains a 37.55% ownership interest in all four assets and continues to exercise control/governance. The agreement includes a call option for Ørsted to repurchase the assets at a pre-agreed price between 2 and 7 years after closing. Hornsea 1 capacity: 174 turbines × 7 MW = 1,218 MW. COD: December 2019 / April 2020. FX: GBP 1,745m × 1.18 = EUR 2,059m. Data confidence: HIGH — deal value confirmed by Ørsted and Brookfield press releases.

Greencoat UK Wind plc (UKW) sold down part of the 12.5% it bought from GIP in Aug 2022, in two tranches to two funds managed by Schroders Greencoat LLP (its own manager): 1% completed 30 Jul 2025 'for a gross asset value of £69 million ... includes £39 million of UKW's proportional share of limited recourse project level debt; the equity consideration represents the NAV of the disposed interest as at 30 June 2025', plus 'a further stake ... of the same size and on the same terms' expected Aug 2025. Leaves UKW at 10.55%.