Ørsted has signed an agreement to sell a 50 percent stake in the Hornsea 3 offshore wind farm in the UK to funds managed by Apollo. The deal includes joint ownership of the project and shared responsibility for future construction payments.
The total value of the transaction is approximately DKK 39 billion, with around DKK 20 billion due at closing. This covers a share purchase agreement of approximately DKK 10 billion and an initial construction payment of a similar amount, with the remaining payments linked to construction milestones. The overall project investment remains in the range of DKK 70–75 billion.
Ørsted will retain responsibility for constructing Hornsea 3 under a full-scope engineering, procurement and construction contract, and will also operate and maintain the wind farm from its East Coast base. The company will additionally provide electricity balancing services and a long-term route to market for the power generated. Completion of the deal is expected before year-end, subject to regulatory approval.
Hornsea 3 is a 2.9 GW project located 160 km off the Yorkshire coast. Once operational, the Hornsea zone – covering Hornsea 1, 2 and 3 – will exceed 5 GW of installed capacity.
