Greencoat UK Wind (UKW), a British investment company, has completed the acquisition of a 12.5 per cent stake in the 1.2 GW Hornsea One offshore wind farm. In May 2022, UKW and Global Infrastructure Partners (GIP) reached an agreement for UKW to acquire the stake in the offshore wind facility from GIP for a cash payment of $490 million. Hornsea One, which is 128 km off the coast of Yorkshire in the North Sea, is jointly owned by Ørsted and GIP. Hornsea I, which features 174 Siemens wind turbines and is one of the biggest offshore wind farms in the world, has been in operation since December 2019. It has enough power to provide more than a million homes. Following the acquisition, the company’s overall operating capacity will rise to more than 1.6 GW.
In April 2022, Greencoat Renewables agreed to purchase a 50 per cent stake in the 312 MW Borkum Riffgrund I offshore wind farm for $383 million in cash. Greencoat Renewables would acquire a 31.5 per cent share from Kirkbi and an 18.5 per cent stake from William Demant Invest as part of the acquisition. Greencoat Renewable’s total installed capacity would increase to 993 MW as a result of the agreement.