Apollo Funds Commit US$6.5 Billion to Ørsted’s Hornsea 3 Offshore Wind Farm

Apollo announced that Apollo-managed funds have agreed to invest US$6.5 billion in a 50% stake in Ørsted's Hornsea 3. The US$6.5 billion investment includes the acquisition price for a 50% interest in the joint venture holding Hornsea 3 offshore wind project, and a commitment to fund 50% of the project's remaining construction costs.

Hornsea 3 marks Ørsted’s third large-scale offshore wind project within the North Sea’s Hornsea zone. Once completed, it will deliver 2.9 GW of capacity—enough to supply over three million UK homes with affordable renewable power. Under the agreement, Ørsted will retain responsibility for design and construction through a full-scope EPC contract and will also provide long-term operations, maintenance, and power marketing services. The transaction remains subject to regulatory approval and is expected to close by the end of 2025. The Apollo Funds plan to invest approximately $3.25 billion at closing, with an additional $3.25 billion to be contributed as the project achieves key construction and development milestones over the coming years.

The transaction’s senior financing is being arranged by entities managed by Apollo, with BNP Paribas, ING Bank, Lloyds, and RBC Capital Markets underwriting the associated bank facilities. Co-investors include La Caisse (formerly CDPQ), participating in both the equity and debt portions of the deal, and PSP Investments, which is contributing to the debt financing. Linklaters LLP is serving as legal counsel to the Apollo Funds, while RBC Capital Markets acts as financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP represents the lenders in the transaction.