Danish energy business Orsted has signed an agreement to sell 50 percent of the Hornsea 1 offshore wind farm to Global Infrastructure Partners (GIP).



The total sales price for the facility, which is located in the North Sea off the English coast, comes to around £4.46 billion ($5.88 billion), which is set to be paid between 2018 and 2020, Orsted said in a statement Tuesday.



Hornsea 1 is currently being built and is set to be the world's largest offshore wind farm when it's commissioned in 2020.



Made up of 174 Siemens Gamesa turbines, the project will have a total capacity of 1,218 megawatts (MW). This is enough to power over 1 million homes in the U.K., according to Orsted.



"This is our third partnership with GIP, and we are delighted to have one of the world's largest infrastructure funds as a partner, in what will be the world's largest offshore wind farm," Ole Kjems Sorensen, Orsted's executive vice president for M&A, partnerships and asset management, said in a statement.



Europe's total offshore wind capacity increased by 25 percent in 2017, according to WindEurope. Just over 3.1 gigawatts (GW) of new offshore wind was installed in Europe last year, with total capacity hitting almost 15.8 GW, according to the trade body.