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    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.)


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