The Danish energy company Ørsted has sold a 50% equity ownership share of its 2.9 GW Hornsea 3 offshore wind project in the United Kingdom to Apollo Global Management (Ørsted press release, 03/11/2025). With the agreement, Apollo also committed to fund 50% of the payments under an EPC contract for the project and its offshore transmission asset.
- The transaction has an approximated value of DKK39bn (€5.2bn), while the project is estimated to represent a total investment of about DKK75bn (US$10bn).
- The agreement is still subject to customary regulatory approvals and is expected to close before the end of 2025.
The Hornsea 3 offshore wind project, located in the British North Sea, is Ørsted’s third gigawatt-scale project in the Hornsea zone following Hornsea 1 (1.2 GW) and Hornsea 2 (1.3 GW), which are already in operation. The project is expected to start operations by the end of 2027.
The United Kingdom plans to reach 50 GW of offshore wind capacity by 2030 (16 GW as of end-2024, according to Enerdata’s Global Energy & CO2 Data).
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