DNV Completes Lenders’ Technical Due Diligence on Ørsted’s Hornsea 2

Energy industry expert and assurance provider DNV has completed Lenders’ Technical Due Diligence on Ørsted’s Hornsea 2 project, the world’s largest offshore wind farm in operation.

DNV performed an independent energy yield assessment and carried out a thorough technical due diligence investigation on all aspects of the offshore wind farm and the related offshore transmission assets, which include the largest capacity offshore AC substation in the world. For this DNV cooperated with Ørsted, the lenders, legal, financial, and insurance advisors.

This work identified the key technical and commercial aspects of the project for consideration by the multiple financial institutions which supported the 50% ownership stake divestment to the successful consortium of AXA IM Alts, acting on behalf of clients, and Crédit Agricole Assurances. DNV will provide further support to these stakeholders with operational monitoring services, the company said.

• World’s Largest Installed Offshore Wind Farm Fully Operational

DNV’s Energy Transition Outlook highlights that, with the electrification of economies surging ahead, renewables will provide an increasing proportion of the energy demand. The share of offshore wind in total wind electricity generation will increase steadily, rising globally from 8% in 2020 to 34% in 2050, 6% of which is floating offshore.

Hari Vamadevan, Executive Vice President, and Regional Director UK & Ireland of Energy Systems at DNV, said: “Ørsted has reached an incredible milestone developing the world’s largest offshore wind farm, and we are honoured to have played a part in this success. This was a fantastic opportunity for our multidisciplinary teams to add value to the development of this hugely impressive renewable energy project and demonstrates the project scale needed if we are to increase the pace of the energy transition.”

Hornsea 2 has recently started full commercial operations and consists of 165 Siemens Gamesa wind turbines located 89 km off the Yorkshire coast in the North Sea, making the 1.32 GW project the largest capacity of any operating wind farm.