Ørsted Sells 50% Stake in $6.1B Hornsea 3 Offshore Wind Project to Apollo
Ørsted has completed the sale of a 50% stake in its 2.9 GW Hornsea 3 offshore wind project to Apollo for approximately $6.1 billion. This strategic move aims to strengthen Ørsted's capital structure while allowing the company to maintain operational control over the project, which is expected to power over three million U.K. homes and contribute to the world's largest offshore wind zone alongside Hornsea 1 and 2.
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Ørsted has finalized the sale of a 50% stake in its 2.9 GW Hornsea 3 offshore wind project in the U.K. to funds managed by Apollo, a deal valued at approximately $6.1 billion. This transaction, first announced in November, is part of Ørsted's strategy to enhance its capital structure while retaining operational control over significant offshore wind projects.
Apollo will fund half of the payments related to the engineering, procurement, and construction contract, as well as offshore transmission assets. Ørsted will continue the construction of Hornsea 3 under a full-scope EPC contract and will provide long-term operations and maintenance services. Once completed, Hornsea 3 is expected to supply electricity to over three million homes in the U.K. and, along with Hornsea 1 and 2, will create the world’s largest offshore wind zone with a combined capacity exceeding 5 GW.
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