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 will see Apollo acquire 50% of the project and commit to funding for the remaining construction costs, with an initial payment of around DKr20bn upon closing.
- The initial payment includes DKr10bn for share purchase and DKr10bn for construction costs.
- The transaction is expected to close before the end of 2025, subject to standard regulatory approvals.
The gold standard of business intelligence.
Apollo will pay the remaining consideration as the project achieves specific construction milestones.
Author's summary: Ørsted sells 50% stake in wind farm.