Ørsted has signed an agreement with Apollo-managed funds for the sale of a 50% equity interest in its 2.9 GW Hornsea 3 Offshore Wind Farm in the United Kingdom. The transaction represents a key milestone in Ørsted’s funding plan and supports the company’s capital structure while advancing its partnership and divestment strategy.

The agreement includes Apollo’s acquisition of a 50% equity share and its commitment to finance half of the payments under the Engineering, Procurement, and Construction (EPC) contract for both the wind farm and its offshore transmission asset. The total transaction value amounts to approximately DKK 39 billion ($6 billion), with the overall project investment remaining in the range of DKK 70–75 billion ($10.8–11.6 billion).

At closing, around DKK 20 billion ($3.1 billion) will be paid, consisting of approximately DKK 10 billion ($1.54 billion) for the share purchase agreement covering the generation and transmission assets, and an initial DKK 10 billion ($1.54 billion) payment under the construction agreement. The remaining value will be paid under the construction contract upon the achievement of defined project milestones.

The transaction remains subject to customary regulatory approvals and is expected to close before the end of the year. Upon completion, Apollo will hold a 50% interest in Hornsea 3 and will co-fund project construction alongside Ørsted.

Ørsted will continue as the developer and operator, responsible for constructing the project under a full-scope EPC contract and providing long-term operations and maintenance (O&M) services from its East Coast O&M hub. Ørsted will also deliver balancing services and ensure a long-term route to market for the renewable electricity produced.

Trond Westlie, Chief Financial Officer at Ørsted, said:

“We’re pleased to welcome Apollo as a partner for Hornsea 3, as they bring infrastructure expertise and scaled capital. 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 and contribute to the renewable transformation of the UK. The divestment represents an important milestone for Ørsted as we continue to deliver on our partnership and divestment programme, which is a cornerstone of our business plan.”

Ørsted confirmed that the agreement does not affect its EBITDA guidance or gross investment outlook for 2025. The upfront, non-cash EBITDA impact aligns with the expectations outlined in its recent rights issue prospectus, and the total lifetime EBITDA effect remains neutral.

Hornsea 3, located 160 km off the Yorkshire coast in northern England, will have the capacity to supply electricity to over 3 million UK homes. Construction of both onshore and offshore components is progressing according to schedule. Once completed in 2027, Hornsea 3 is expected to become the world’s largest offshore wind farm. Together with Hornsea 1 and 2, Ørsted’s Hornsea zone will exceed 5 GW of installed capacity, forming the world’s largest operational offshore wind area.