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Investors - AUGUST 5, 2022

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Octopus Energy, Nest join with GLIL to acquire stake in Hornsea One Wind Farm

by Kali Persall

Octopus Energy Group’s generation business and Nest have teamed up with GLIL Infrastructure to acquire a stake in the 1.2-gigawatt Hornsea One Wind Farm, the world’s largest operational offshore wind farm, which is located off the coast of northeast England.

The Hornsea One Wind Farm has been operated by Ørsted since 2020.

Octopus Energy Generation’s fund management team invested £200 million ($243 million) in Hornsea One on behalf of Nest, one of the largest pension schemes in the United Kingdom, in a joint-venture partnership with GLIL Infrastructure, which also contributed £200 million ($243 million). Together, they have acquired a 12.5 percent stake from Global Infrastructure Partners for a total of £400 million ($486 million).

This deal marks Octopus’ third deal in the offshore wind sector, with more in the pipeline.

“The U.K. is already a world leader in offshore wind, but there is still so much more we can do,” said Zoisa North-Bond

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