Global asset manager Aviva Investors, part of Aviva PLC , will invest 400 million pounds ($511 million) to help build what will become the world’s largest offshore wind farm, Hornsea 1 in Britain, it said on Tuesday.
In September, Danish energy firm Ørsted (formerly DONG Energy) agreed to sell 50% of the 1,218MW offshore wind farm to Global Infrastructure Partners (GIP) in a £4.46bn deal.
As part of the deal GIP will partially finance its acquisition using a multi-tranche financing package of more than £3.5bn, containing a mixture of investment grade-rated project bonds.
The wind farm will have a capacity of around 1.2 gigawatts, which could power over 1 million UK homes.
It will almost double the capacity of currently the world’s largest offshore wind farm, called Walney Extension, in which Aviva Investors provided 165 million pounds last year.
Hornsea 1 will be located in the North Sea, off the Yorkshire coast, and is scheduled to be commissioned by 2020.