Abu Dhabi-based Mubadala Investment Company has invested $325 million, or about EUR 300 million, in Hornsea 3, a UK offshore wind project being developed by Ørsted around 120 km off the Norfolk coast.
The investment brings Mubadala Investment Company into a consortium led by Apollo-managed funds, together with USS and La Caisse. The move follows Apollo Funds’ purchase of a 50% stake in the joint venture that owns Hornsea 3. Ørsted keeps the other 50% interest and will remain in charge of building and operating the wind farm for the partnership.
Offshore work is already moving ahead. The first of two offshore substations has been installed, the first export cable is in place, and foundation installation has begun.
Hornsea 3 is planned with 2.9 GW of capacity. When operational, it is expected to be the world’s largest single offshore wind farm and supply renewable power for more than 3.3 million UK homes. Earlier project information stated that operations are expected to start in 2027.
The project is Ørsted’s third gigawatt-scale offshore wind development in the Hornsea zone, after Hornsea 1 and Hornsea 2.
Karim El Jazzar, Head of EMEA Infrastructure at Mubadala Investment Company, said the investment reflects the company’s focus on working with experienced partners in major infrastructure assets that support the energy transition and long-term value creation. He also noted that large power projects will be important as electricity demand continues to rise.
