Apollo Funds to Invest $6.5 Billion for 50% Stake in Orsted's Hornsea 3 Project
Apollo (APO) announced that Apollo-managed funds have agreed to invest $6.5B in a 50% stake in Orsted's (DNNGY) Hornsea 3. The $6.5B investment includes the acquisition price for a 50% interest in the joint venture holding Hornsea 3, the world's largest offshore wind project, and a commitment to fund 50% of the project's remaining construction costs. "Hornsea 3 is Orsted's third gigawatt-scale project in the North Sea's Hornsea zone and upon completion it will have a capacity of 2.9GW - enough power to generate low-cost, renewable electricity for more than 3 million UK households. As part of the agreement, Orsted will continue to construct the wind farm under a full-scope EPC contract and will provide long-term operations and maintenance services as well as route-to-market for power generation," the company stated. Apollo Infrastructure Partner Adam Petrie said, "Orsted is a global leader in offshore wind power and Hornsea 3 is its most significant project yet, with capacity to bring reliable, renewable energy to millions of homes across the UK. Through this investment, we are proud to deliver a scaled and comprehensive solution for infrastructure that will promote energy security and the UK's net zero ambitions."
