Jan 5, 2026
Apollo Becomes Co-Owner of the Hornsea 3 Offshore Wind Farm
Ørsted has finalized the sale of a 50 percent share in the 2.9 GW Hornsea 3 offshore wind farm to funds managed by Apollo, as announced on 30 December, following the sale announcement in November and the conclusion of the transaction.
Last month, the firms disclosed that they had reached an agreement for Apollo to acquire a 50 percent equity stake in the UK offshore wind farm and to fund 50 percent of the payments associated with the EPC contract for Hornsea 3 and the offshore transmission asset.
The transaction's total value is estimated at approximately DKK 39 billion (about EUR 5.2 billion), while the overall project investment is projected to be between DKK 70-75 billion (around EUR 9.4-10 billion), as shared in November.
According to the agreement, Apollo will pay DKK 20 billion (roughly EUR 2.7 billion) of the total transaction value upon closing, with half attributed to a share purchase agreement (SPA) covering both generation and transmission assets, and the other half being an initial payment under the construction agreement. The remaining balance is expected to be paid under the construction agreement upon reaching specific construction milestones.
Ørsted made the Final Investment Decision (FID) for the Hornsea 3 offshore wind farm in 2023, after receiving a Contract for Difference (CfD) for the 2.9 GW project in July 2022.
Situated 160 kilometres off the Yorkshire coast, Hornsea 3 will consist of approximately 200 Siemens Gamesa 14 MW wind turbines and is anticipated to be operational by 2027.
Last month, the firms disclosed that they had reached an agreement for Apollo to acquire a 50 percent equity stake in the UK offshore wind farm and to fund 50 percent of the payments associated with the EPC contract for Hornsea 3 and the offshore transmission asset.
The transaction's total value is estimated at approximately DKK 39 billion (about EUR 5.2 billion), while the overall project investment is projected to be between DKK 70-75 billion (around EUR 9.4-10 billion), as shared in November.
According to the agreement, Apollo will pay DKK 20 billion (roughly EUR 2.7 billion) of the total transaction value upon closing, with half attributed to a share purchase agreement (SPA) covering both generation and transmission assets, and the other half being an initial payment under the construction agreement. The remaining balance is expected to be paid under the construction agreement upon reaching specific construction milestones.
Ørsted made the Final Investment Decision (FID) for the Hornsea 3 offshore wind farm in 2023, after receiving a Contract for Difference (CfD) for the 2.9 GW project in July 2022.
Situated 160 kilometres off the Yorkshire coast, Hornsea 3 will consist of approximately 200 Siemens Gamesa 14 MW wind turbines and is anticipated to be operational by 2027.