Slaughter and May has advised Ørsted on its agreement to divest a 50% stake in Hornsea 3 to Apollo-managed funds. Currently the world’s largest offshore wind farm, when completed Hornsea 3 will produce enough electricity to power more than 3 million UK homes, making an important contribution to the UK’s energy transition agenda. The Apollo-managed funds are expected to invest approximately $6.5 billion.
Subject to customary regulatory approvals, the transaction is expected to close before the end of the year and represents a key milestone in Ørsted’s funding plan.
Azadeh Nassiri commented:
“We are delighted to have advised Ørsted on this strategically important divestment. This is a landmark transaction supporting the UK’s green energy transition and highlights continued global investor confidence in large-scale renewable projects.”