UK-based companies Octopus Energy Generation and GLIL Infrastructure have acquired a 12.5% stake in the Hornsea One wind farm in the UK for £400m.
The two companies each invested £200m in the 1.2GW offshore wind facility, with Octopus investing on behalf of British pension scheme Nest.
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Octopus Energy Generation CEO Zoisa North-Bond said: “The UK is already a world leader in offshore wind but there is still so much more we can do.
“Harnessing the UK’s strong wind resources out at sea will help provide energy security and bring down energy bills.
“We’ve already made a splash in offshore wind after only entering this renewable technology earlier this year, and we have lots more coming up.”
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Operational since 2020, the Hornsea One wind farm is located offshore from Yorkshire and generates clean energy for more than one million homes.
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By GlobalDataThe offshore facility is operated by Danish company Ørsted and equipped with 174 wind turbines.
GLIL Infrastructure investment director and Greater Manchester Pension Fund real assets head Daniel Hobson said: “Offshore wind capacity plays a major role in the generation of renewable energy, so the potential of what is being developed here is vast.
“Our investment will not only support the UK’s energy transition and net-zero ambitions, and continue our track record in the renewable energy sector, it will also generate sustainable, long-term returns for millions of pension fund members.
“We’re now looking forward to working with Octopus Energy Generation on this joint venture and the team at Ørsted.”
Nest private markets head Stephen O’Neill said: “Renewable energy sources have huge potential for long-term investors like Nest.
“Its desirability should only increase in the coming years and as the UK accelerates towards net-zero, we’re confident Hornsea One will deliver inflation-beating returns and grow the money our members have invested.”
