US$570 million financing provided for 2.85 GW Offshore wind farm in UK
Export Finance Norway (Eksfin) is providing loan financing of EUR 525 million (US$570 million) to Ørsted for the purchase of two transformer platforms from Norway’s Aibel for the Hornsea 3 offshore wind farm project in the UK.
Hornsea 3, situated off the Norfolk/South Yorkshire coast, will be the world’s single largest wind farm. It is expected to generate a minimum of 2.9 GW of electricity when in operation in 2027, enough to supply around three million homes with clean energy. It will be Ørsted’s third gigawatt-scale project in the Hornsea zone following Hornsea 1 (1.2 GW) and Hornsea 2 (1.3 GW), which are already in operation.
The Hornsea zone is split into four areas allocated for offshore wind farm development. It is connected to Norwich Main National Grid Substation via buried onshore cables and a new onshore substation.
