Funds managed by Apollo Infrastructure have committed to invest $6.5 billion in Ørsted’s Hornsea 3, the world’s largest offshore wind project.
The $6.5 billion investment includes the acquisition price for a 50 percent interest in the joint venture holding Hornsea 3 and a commitment to fund 50 percent of the project’s remaining construction costs.
Hornsea 3 is Ørsted’s third gigawatt-scale project in the North Sea’s Hornsea zone. Upon completion, it will have a capacity of 2.9 gigawatts — enough power to generate low-cost, renewable electricity for more than 3 million U.K. households. As part of the agreement, Ørsted will continue to build the wind farm under a full-scope engineering, procurement and construction contract and will provide long-term operations and maintenance services, as well as route-to-market for power generation.
The Apollo funds are expected to invest approximately $3.25 billion upon the transaction’s closing, expected befor
