The Danish company Ørsted signed an agreement to divest 50% of its stake in the Hornsea 3 offshore wind megaproject to the investment fund Apollo, in a deal valued at approximately €5.2 billion.
Sale of Hornsea 3 strengthens Ørsted’s financial strategy
The transaction is part of Ørsted’s divestment plan to strengthen its financial structure and advance its strategic partnership program. With an installed capacity of 2.9 GW, Hornsea 3 is under development in the North Sea, r60 kilometers off the Yorkshire coast, and is expected to supply more than three million homes in the United Kingdom.
Apollo not only acquires a 50% equity stake, but also assumes half of the investment commitments under the EPC contract covering both offshore and onshore infrastructure. This move makes the fund an active co-investor in one of the most ambitious wind projects globally.
The agreement includes comprehensive services by Ørsted
In addition to leading the construction, Ørsted will continue to be in charge of operations and maintenance at Hornsea 3 from its east coast hub. It will also provide energy balancing and marketing services for the electricity generated by the park, reinforcing its role as technical and commercial operator.
The transaction is expected to close before the end of the year, once the corresponding regulatory approvals have been completed.
Hornsea 3 boosts Ørsted’s leadership in marine energy
With this development, Ørsted strengthens its presence in the offshore wind market. The Hornsea area, which already includes Hornsea 1 and 2,
The total estimated investment for Hornsea 3 ranges between DKK 70 and 75 billion, of which Apollo will contribute a significant portion. The agreement allows Ørsted to maintain expected EBITDA neutrality throughout the life cycle of the project, as envisaged in its recent capital increase.
Source and photo: Orsted
