Danish energy company Ørsted has signed an agreement to divest its 50% stake in the Hornsea II offshore wind farm to AXA IM Alts and Crédit Agricole Assurances for £3bn ($3.9bn).

The 1.3GW offshore wind farm is located 89km offshore from Yorkshire, UK, covering a 462km² area.

The project is currently in its construction phase and is expected to come online later this year.

AXA IM Alts and Crédit Agricole Assurances will each hold a 25% stake in the offshore wind facility after the deal has closed.

The transaction is expected to close in the second half of this year once the wind farm is fully commissioned.

Hornsea II is claimed to be one of the world’s largest offshore wind development areas.

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By GlobalData

It will have the capacity to generate enough clean energy to power more than 1.3 million homes a year.

In addition, the project will support the UK Government’s goal of installing 40GW of offshore wind capacity by 2030.

Upon completion of the deal, Ørsted has agreed to provide operations and maintenance (O&M) services to Hornsea II for a period of 20 years.

Ørsted UK Region head Duncan Clark said: “We’re very much looking forward to working with our new partners and continuing to support the UK’s commitment to decarbonising electricity by 2035.

“Ørsted has invested more than £14bn in the UK to date, and when Hornsea II becomes fully operational later this year, our wind farms will be supplying over 7% of Britain’s electricity.

“We’re now focused on helping the UK deliver on its 40GW and Sector Deal target for offshore wind by 2030, a significant milestone in the energy transition that will deliver more than £60bn of investment for the UK while supporting the UK’s world-class offshore wind supply chain and more than 40,000 jobs over the next few years.”