Aviva Investors, the global asset management business of Aviva, has invested £400 million ($509 million) to help fund the construction of what will be the world’s largest offshore windfarm, Hornsea 1.
Located in the North Sea, approximately 63 miles off the northeast coast of the United Kingdom, the windfarm will have an installed capacity of 1,218 megawatts, almost double that of the current largest offshore windfarm, Walney Extension offshore windfarm, in which Aviva Investors invested £165 million ($210 million) in November last year.
Hornsea 1 is expected to be fully commissioned by 2020 and has the potential to create more than 2,300 jobs, increase supply chain development and generate enough electricity to supply more than 1 million U.K. homes.
As part of the current deal, Orsted Wind Power sold 50 percent of Hornsea 1 to Global Infrastructure Partners, which was funded via one of the largest project finance packages ever assembled in the renewable energy sector. Aviva Investors’ infrastructure debt and structured finance teams invested £400 million ($509 million) in fixed-rate and inflation-linked bonds.
Infrastructure debt is a key part of Aviva Investors’ £37 billion ($47 billion) real assets platform.
