Saturday, September 24 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Sep 19
Week of Sep 12
Week of Sep 05
Week of Aug 29
Week of Aug 22
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Octopus Energy, Nest and GLIL to Acquire 12.5% Stake in Hornsea One Offshore Wind Farm in UK, from Global Infrastructure Partners for USD488.4 Million


    August 17, 2022 - Marketline - Deals

     

      Deal In Brief

      Octopus Energy Group’s generation business, an investment company in renewable energy, has worked with Nest to take a stake in the Hornsea One Wind Farm, an operational offshore wind farm, making a positive impact with UK pension savers’ money

      Octopus Energy Generation’s fund management team invested £200m in Hornsea One on behalf of Nest, a UK-based pension scheme representing a third of the UK workforce. Through a joint venture with GLIL Infrastructure, who are also investing £200m, together they’ve acquired a 12.5% stake from Global Infrastructure Partners for a total of £400m. GLIL is a £3.6bn fund investing in infrastructure on behalf of pension funds

      The 1.2 GW Hornsea One wind farm is off the Yorkshire coast, harnessing the UK’s vast wind resources to generate green power for over a million homes. Its 174 wind turbines are 190m tall, larger than the Gherkin building. It’s operated by Orsted, operational since 2020

      Octopus entered the offshore wind sector recently and this deal marks its third, with more in the pipeline. It follows investments in Lincs Offshore Wind Farm in England on behalf of Octopus Renewables Infrastructure Trust (ORIT), the Borssele V Offshore Wind Farm in the Netherlands, and in floating offshore wind developer Simply Blue

      Octopus and Nest have worked together since last year when Nest appointed the entech business to help it invest billions in green energy on behalf of Nest’s 11 million pension savers. They’re expanding the relationship with this milestone offshore wind deal

      The deal has been signed and completion is scheduled to take place by around October 2022

      The transaction will imply a deal value of USD3.26 million per MW.

      Deal Value (US$ Million) 488.43
      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Announced: 2022-08-03

      Deal Participants

      Acquirer 1 (Company) Octopus Energy Generation
      Acquirer 2 (Company) GLIL Infrastructure
      Vendor (Company) Global Infrastructure Partners, Llc

      Deal Rationale

      % Acquisition 12.5%

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.