Brookfiled will take a 12.45 % minority stake in Hornsea 1, Hornsea 2, Walney Extension and Burbo Bank Extension, equal to 436 MW. The value of the transaction is GBP 1.745 billion, with expected close by the end of 2024, subject to regulatory approval.

All of the projects are currently operational, with CfDs (contract for difference) securing a 15-year offtake price, awarded though the Pre-AR1 and AR1 arounds.

The sell down from Ørsted is a part of their farm-down program announced in February. Ørsted will retain a 37.55 % stake in all of the projects and will continue to oversee operations and maintenance of the windfarms.

Ørsted also secured CfD contracts for the Hornsea 3 and Hornsea 4 projects in the recent AR6 round in the UK, two of its largest projects currently under development in the UK. Ørsted currently retains a 100 % stake in both of the projects, with CODs in 2027 and 2030 respectively. Potential sell downs in the projects could be on the horizon, in order to reduce the risk for Ørsted. FID was taken for Hornsea 3 late last year, and FID for Hornsea 4 is expected in 2025.