Denmark-based Ørsted completed the divestment of a 50% stake in its 2.9 GW Hornsea 3 offshore wind farm to Apollo-managed funds.
The deal is valued at about DKK 39 billion (around $5.9). It covers the acquisition of a 50 % equity ownership share and the commitment from Apollo to fund 50 % of the payments under the EPC contract for the wind farm and the offshore transmission asset.
Hornsea 3 is located 160 km off the Yorkshire coast in Northern England. The Ørsted’s Hornsea zone– comprising Hornsea 1, 2, and 3 – will have a total capacity of more than 5 GW, making it the world's largest operating offshore wind zone.
Ørsted is a engaged in developing, constructing, and operating offshore wind farms, with a core focus on Europe. The company has 10.2 GW of installed offshore capacity and 8.1 GW under construction.