UK insurance giant Legal & General said it has a “strong appetite” for future offshore wind investments after announcing its first foray into the sector.

Legal & General provided almost £300m ($397m) of long-term acquisition debt to support the £2bn purchase of 50% of the Walney Extension wind farm by PKA and PFA, two Danish pension funds.

The stake divestment by developer Orsted, formerly Dong Energy, was hailed as a signal that institutional investors increasingly see offshore wind as an attractive destination.