Ørsted partners with AXA IM Alts and Crédit Agricole Assurances on Hornsea 2 Offshore Wind Farm

Ørsted has signed an agreement to divest a 50% ownership stake in its 1.3 GW Hornsea 2 Offshore Wind Farm in the UK to a consortium comprising AXA IM Alts, acting on behalf of clients, and Crédit Agricole Assurances.

1.3 GW Hornsea 2 project is currently under construction and is planned to be commissioned later in 2022. The total value of the transaction is GBP3 billion (US$3.93 billion) and is expected to close in the second half of 2022, once the wind farm is fully operational and customary regulatory approvals are obtained.

AXA IM Alts and Crédit Agricole Assurances will each own 25% stake of the project. The investors’ 50% stake in 1.3 GW Hornsea 2 will be funded through a combination of equity and a senior multi-tranche staple financing package provided by 30 banks and including a covered tranche guaranteed by EKF, Denmark’s export credit agency. The financing package was originated and structured by Ørsted.