Ørsted sells Hornsea 3 stake to Apollo

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Ørsted has confirmed it will sell a 50% equity ownership share in its 2.9 GW Hornsea 3 Offshore Wind Farm in the UK to Apollo.

The transaction, valued at approximately DKK 39 billion (€5.22 billion), covers both the acquisition of the 50% equity share and Apollo’s commitment to fund 50% of payments under the engineering, procurement and construction (EPC) contract for the wind farm and its offshore transmission asset.

Offshore wind turbines

Ørsted is selling a 50% stake in its 2.9 GW Hornsea 3 wind farm to Apollo

Ørsted has previously turned to Norway for help with funding with Efskin providing more than €0.5 billion to support the project.

“We’re pleased to welcome Apollo as a partner for Hornsea 3, as they bring infrastructure expertise and scaled capital,” said Trond Westlie, Ørsted’s chief financial officer.

“We look forward to working with them to deliver this important project that will produce enough electricity to power more than 3 million UK homes once completed.”

About DKK 20 billion (€2.68 billion) will be paid upon closing, split between a DKK 10 billion (€1.34 billion) share purchase agreement and an initial DKK 10 billion (€1.34 billion) construction payment, with the remainder due upon reaching certain construction milestones.

The overall project investment remains between DKK 70–75 billion (€9.37-10.04 billion), and the transaction’s upfront, non-cash EBITDA impact aligns with Ørsted’s earlier financial guidance. Subject to regulatory approvals, the deal is expected to close before the end of the year.

The company announced earlier this year that it was scrapping plans for Hornsea 4, citing ‘economic forces’. This latest cash injection is ‘widely regarded as a crucial move to prevent a crippling credit rating downgrade’, according to Reuters.

Ørsted will continue to construct Hornsea 3 under a full-scope EPC contract and provide long-term operations and maintenance services from its East Coast O&M hub. The company will also manage balancing services and provide a long-term route to market for the electricity generated.

Located 160 km off the Yorkshire coast, Hornsea 3 will expand Ørsted’s Hornsea zone to over 5 GW, making it the world’s largest operating offshore wind zone.