World’s Largest Offshore Wind Farm Generates First Power
The first turbine of the 1,218-MW Hornsea 1 offshore wind farm in the North Sea, the world’s biggest such facility, has been installed and is now generating power.Matthew Wright, UK managing director of Danish energy group Ørsted A/S, described the installation of the first turbine as "a globally significant milestone".Ørsted co-owns the project with Global Infrastructure Partners (GIP) after selling a 50% stake to the latter in November 2018. Ørsted began offshore construction just over a year ago…
Ørsted Completes Divestment in Hornsea 1 Offshore Wind Farm
Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP). Hornsea 1 is under construction and will be the world’s largest offshore wind farm when commissioned in 2020.As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract.
Australian Port Sold for $7.3 bln to Consortium
A consortium of global and domestic funds, backed by investors including China Investment Corp, agreed to buy Australia's busiest port for a higher-than-expected A$9.7 billion ($7.3 billion), a sign that tough equity markets are helping fuel appetite for infrastructure. Australian leaders will also hope the deal shows they still welcome Chinese investment in infrastructure. The federal government last month blocked the sale of the country's biggest power network, Ausgrid, to state-owned State Grid Corp of China and Hong Kong-listed Cheung Kong Infrastructure Holdings on security concerns.
China Merchants, Hastings, Lease Australian Coal Port
Hastings Funds Management and China Merchants Group have won a state government auction for a 98-year lease on Australia's Port of Newcastle, the world's biggest coal export terminal, paying a higher-than-expected A$1.75 billion ($1.6 billion). An initial New South Wales state budget plan had valued the lease on the port terminal at A$700 million, but fierce competition for Australian infrastructure assets coming on to market has seen a steady rise in multiples paid. The winning bid for Newcastle port came in at 27 times earnings…
MSC Sells Off Part of Its Terminal Division
MSC (Mediterranean Shipping Company) closes the 35% sale of its Terminal Division (Terminal Investment Limited SA) to Global Infrastructure Partners (GIP). MSC and Global Infrastructure Partners and a group of its LP Co-Investors have closed the transaction through which GIP has acquired 35% of Terminal Investment Limited SA from MSC. The closing follows obtaining the relevant approvals. Terminal Investments Ltd. has grown rapidly over the last decade and is now the world's sixth largest container terminal operator. The new strategic partnership between MSC and GIP will provide a strong foundation to support TIL's continued growth, including further acquisitions and investments.