Ørsted Sells 50% Stake in Hornsea 3 Wind Farm to Apollo Global Management for DKK 39 Billion

Major Transaction in Offshore Wind Sector

Danish energy group Ørsted has successfully divested a 50 percent stake in its massive Hornsea 3 offshore wind farm to funds managed by Apollo Global Management. The transaction, valued at approximately DKK 39 billion (Danish kroner), equivalent to around £4.5 billion or USD 6.1 billion, was officially completed on December 30, 2025. This significant deal marks a key milestone for both companies in the global renewable energy landscape.

Details of the Agreement

The agreement, initially announced on November 4, 2025, involves Apollo acquiring a 50 percent equity ownership share in the project. Furthermore, Apollo has committed to funding 50 percent of the payments under the Engineering, Procurement, and Construction (EPC) contract for the wind farm and its associated offshore transmission assets. For Ørsted, the divestment is a strategic move aimed at strengthening its capital structure and is a core component of its ongoing partnership and divestment program. Trond Westlie, Ørsted's Chief Financial Officer, highlighted that Apollo brings 'infrastructure expertise and scaled capital' to the partnership, which is crucial for delivering this significant project.

Hornsea 3: A Gigawatt-Scale Project

The Hornsea 3 offshore wind farm is currently under construction in the Southern North Sea, located approximately 120 kilometers off the Norfolk coast and 160 kilometers off the Yorkshire coast in the United Kingdom. With a planned capacity of 2.9 GW (gigawatts), it is set to become one of the world's largest offshore wind farms upon its expected completion around the end of 2027. The project is designed to feature up to 231 Siemens Gamesa SG 14-236 DD offshore wind turbines, each with a 14 MW capacity. Once operational, Hornsea 3 is projected to generate enough clean electricity to power more than 3 million UK homes, significantly contributing to the UK's renewable energy targets.

Strategic Implications for Renewable Energy

This transaction underscores the increasing attractiveness of large-scale renewable energy projects for global investment firms. Apollo Global Management's investment aligns with its broader strategy to expand its footprint in the green energy sector, with ambitions to channel over USD 100 billion into clean energy solutions by 2030. Ørsted will retain responsibility for the construction of Hornsea 3 under a full-scope EPC contract and will also provide long-term operations and maintenance (O&M) services from its East Coast hub. Upon the completion of Hornsea 3, the wider Hornsea zone, which includes Hornsea 1 and Hornsea 2, will boast a combined capacity exceeding 5 GW, solidifying its position as one of the largest operating offshore wind zones globally.