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Ørsted has signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP). As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract.
 
Ørsted will also provide long-term operations and maintenance services from its O&M base in Grimsby and provide a route to market for the power generated by Hornsea 1. The total sales price for Hornsea 1 comprises the price for the acquisition of a 50% ownership share and the commitment to fund 50% of the payments under the EPC contract for the entire wind farm (including the transmission assets). It amounts to approximately GBP 4.46 billion, which is to be paid between 2018 and 2020. The transaction is subject to certain regulatory approvals, including from relevant competition authorities, and is expected to close in Q4 2018.
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