Diamond Transmission Partners Hornsea One (DTP) has signed an agreement to acquire $1.63bn (£1.175bn) of transmission assets from Hornsea 1.

DTP is a partnership between Mitsubishi Corp’s wholly owned subsidiary Diamond Transmission Corp and Chubu Electric Power. Ørsted and Global Infrastructure Partners equally own Hornsea 1 as a joint venture.

The deal includes an onshore substation, export cables, the offshore reactive compensation substation, and three offshore substations.

The sale of the assets will take place in line with the offshore transmission owner  regime.

Ørsted has agreed to operate and maintain the transmission assets for DTP under a long-term agreement.

The UK’s energy regulator Ofgem selected DTP as preferred bidder for the offshore transmission licence for the Hornsea 1 Offshore Wind Farm last February.

Located nearly 120km off the Yorkshire coast, Hornsea 1 is a 1.218GW offshore wind farm, featuring 174 Siemens Gamesa 7MW wind turbines. The wind facility will power more than one million British homes.

In another development, Ørsted has signed a long-term power purchase agreements with Target and Hormel Foods.

The company will supply energy from 298MW Haystack Wind project in Nebraska, US. This is currently under construction and expected to become operational later this year.

Hormel Foods Environmental Sustainability director Tom Raymond said: “As one of the leading global branded food companies, Hormel Foods has committed to match 100% of its domestic energy use with renewable sourcing by 2030.

“This project is another step we’re taking to achieve this important goal and is an overall win for our environmental and energy programmes.”