Orsted has signed an agreement to sell 50 percent of the 1,218-megawatt (MW) offshore wind farm, Hornsea 1, to Global Infrastructure Partners (GIP), the company announced Wednesday.
'Hornsea 1 is under construction and will be the world's largest offshore wind farm when commissioned in 2020,' the statement read.
As part of the agreement, Orsted will construct the wind farm under a full-scope Engineering, Procurement and Construction (EPC) contract.
The company will also provide long-term operations and maintenance services.
The total sales price for Hornsea 1 comprises the price for the acquisition of a 50 percent ownership share and the commitment to fund 50 percent of the payments under the EPC contract for the entire wind farm (including the transmission assets).
'It amounts to approximately GBP 4.46 billion [€5.02 billion], which is to be paid between 2018 and 2020,' the statement stated.
The transaction is subject to certain regulatory approvals from relevant competition authorities, and is expected to close in the fourth quarter of 2018.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr