Ørsted has signed an agreement to sell a 50% stake in what will be the largest wind farm in the world.
The interest in the 1.2GW Hornsea 1 project, which is currently under construction and due to be commissioned in 2020, is being sold to Global Infrastructure Partners (GIP) for £4.46 billion.
Under the agreement, Ørsted will provide long term operations and maintenance services from its base in Grimsby.
When operational, the offshore wind farm is expected to generate enough electricity to power more than one million UK homes.
GIP also holds 50% ownership shares in two of Ørsted’s German offshore wind farms, Gode Wind 1 and Borkum Riffgrund 2.