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Dong Energy has acquired the UK-based 1.2GW Hornsea Project One offshore wind project from co-owner SMart Wind.

A joint venture comprising Mainstream Renewable Power and Siemens Financial Services, SMart Wind sold its 66.66% ownership stake in the offshore development to Dong.

The two partners for the project, SMart Wind and Dong Energy, had signed the deal for the project development in December 2011.

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"The size and location of Hornsea Project One makes it the world’s first offshore wind farm with a capacity of more than 1GW located far from shore."

Dong Energy entered a JV with SMart Wind, with an option to become the sole owner for the project once it receives approval from the UK’s Secretary of State for Energy and Climate Change.

The firm received the federal consent in December 2014.

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Featuring farms, the Hornsea Project One will generate enough energy for approximately 800,000 homes in the UK.

Located 120km off the Yorkshire coast, the Hornsea Project One comprises three offshore wind facilities.

Featuring between 150 and 332 wind turbines, the project is expected to enter service around 2020.

Dong Energy Wind Power executive vice-president Samuel Leupold said: "The size and location of Hornsea Project One makes it the world’s first offshore wind farm with a capacity of more than 1GW located far from shore, and it brings some great opportunities for us and the supply chain to take advantage of economies of scale and further drive down the cost of electricity.

"We will now continue on our own to develop the project towards a final investment decision. The size of the project and the excellent wind conditions at site together with our strong focus on cost will make Hornsea one an important milestone towards the €100/MWh target."