Toronto-based Brookfield agreed to invest approximately $3 billion (US$2.3 billion) to acquire minority stakes in four wind farms off the coast of England from Orsted, the largest energy company in Denmark.

Made through Brookfield’s fifth flagship infrastructure fund, with participation from its renewable energy arm and its institutional partners, the investment includes a 12.45 percent minority interest in the wind farms Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension, which have a combined total capacity of approximately 3.5 gigawatts of electricity.

The deal is expected to close by the end of 2024, subject to customary regulatory approvals.