Ørsted Sells Stake in Hornsea 3 Offshore Wind Farm
Ørsted has agreed to sell a 50% equity stake in its 2.9GW Hornsea 3 offshore wind farm in the UK to funds managed by Apollo Global Management (Apollo Funds) for approximately $6.5bn.
- The deal includes Apollo acquiring 50% of the project and committing to funding for the remaining construction costs.
- Apollo will pay around DKr20bn upon closing, with the remaining consideration paid as the project achieves specific construction milestones.
The initial payment of DKr20bn includes DKr10bn for share purchase, covering both generation and transmission assets, and DKr10bn for construction costs.
The transaction is expected to close before the end of 2025, subject to standard regulatory approvals.
No direct quotes available in the text.
Author's summary: Ørsted sells 50% stake in Hornsea 3 for $6.5bn.