British investment company Greencoat UK Wind (UKW) has concluded the acquisition of a 12.5% stake in the 1.2GW Hornsea One offshore wind farm.

UKW agreed to acquire the stake in the offshore wind facility from Global Infrastructure Partners (GIP) for a cash consideration of £400m ($490m) in May this year.

At the time of the announcement, Greencoat UK Wind chairman Shonaid Jemmett-Page said: “As the leading independent UK wind farm owner, we are pleased to announce our investment into the world’s largest offshore wind farm.

“This transaction, once completed, will add another high-quality operating asset to our portfolio and increase our net generating capacity to over 1.6GW.

“We continue to see an attractive pipeline of projects, both onshore and offshore, and given the size and scale that the Company has attained over recent years, we remain strongly positioned to deliver more value-accretive acquisitions and extend our track record of strong shareholder returns.”

Located 128km off the Yorkshire coast in the North Sea, Hornsea One is equally owned by Ørsted and GIP.

Claimed to be one of the largest offshore wind farms in the world, Hornsea I is equipped with 174 Siemens wind turbines, the offshore facility has been operational since December 2019.

It has the capacity to power more than one million homes.

Earlier this month, Octopus Energy Generation and GLIL Infrastructure acquired a 12.5% stake in the Hornsea One in a deal valued at £400m.