Aviva Backs Hornsea One with GBP 400 Million

The UK-based Aviva Investors has invested GBP 400 million to help fund the construction of Ørsted’s Hornsea Project One offshore wind farm.

Aviva Investors’ infrastructure debt and structured finance teams invested the amount in fixed-rate and inflation-linked bonds, the company said.

“We are delighted to have participated in the Hornsea 1 financing, which is a transformational deal for the European renewables market. We continue to have strong appetite for future investments within this sector, seeking opportunities that meet our clients’ investment requirements,” Darryl Murphy, Head of Infrastructure Debt at Aviva Investors, said.

The London-headquartered company previously invested GBP 165 million in Ørsted’s 659MW Walney Extension, currently the world’s largest offshore wind farm.

With a 1.2GW capacity, Hornsea Project One will overtake Walney Extension’s title once fully commissioned in 2020.

Ørsted recently completed the divestment of 50% of the 1.2GW offshore wind farm to Global Infrastructure Partners (GIP).

Located some 120km offshore Yorkshire, Hornsea One will comprise 174 Siemens Gamesa 7MW turbines connected to three offshore substations and the world’s first reactive compensation substation (RCS).