Ørsted has completed the divestment of a 50% stake in its 2.9 GW Hornsea 3 offshore wind project in the U.K. to funds managed by Apollo, closing a transaction first announced in November.
The deal forms part of Ørsted’s broader funding plan and partnership strategy, aimed at strengthening its capital structure while maintaining operational control of large-scale offshore wind developments.
The total value of the transaction is about $6.1 billion.
Under the agreement, Apollo has acquired a 50% equity interest in the project and committed to fund half of the payments under the engineering, procurement and construction contract, as well as the offshore transmission assets.
Ørsted will continue to construct Hornsea 3 under a full-scope EPC contract and provide long-term operations and maintenance services from its East Coast hub. It will also deliver balancing services and a long-term route to market for the electricity generated.
Hornsea 3, located about 160 kilometres off the Yorkshire coast, will have a capacity of 2.9 GW and is expected to supply enough electricity to power more than three million UK homes once completed. Together with Hornsea 1 and 2, the project will form the world’s largest offshore wind zone, with a combined capacity exceeding 5 GW.