Ørsted has sold half of the world’s largest offshore wind farm to Apollo for $6.5B. (FT)
The deal gives Apollo a 50% stake in the 2.9 GW Hornsea 3 project off England’s Yorkshire coast plus responsibility for half the remaining construction costs ahead of its 2027 completion.
The sale is part of Ørsted’s fundraising push to stabilize its balance sheet after US project setbacks and a $9B rights issue triggered by investor unease over Trump administration opposition to offshore wind.
It’s the latest in Apollo’s European energy infrastructure investments, including financing for the UK’s Hinkley Point C nuclear project and grid ventures in Germany.