Overview
- Apollo-managed funds will take a 50% stake in the 2.9 GW UK offshore wind project in a deal valued at about DKK 39 billion (approximately EUR 5.2 billion).
- Apollo expects to invest about $3.25 billion at closing and a further $3.25 billion tied to construction and development milestones.
- Ørsted will lead construction under a full-scope EPC contract and provide long-term operations, maintenance, balancing services and route-to-market.
- Senior financing is led by Apollo-managed entities with bank facilities underwritten by BNP Paribas, ING, Lloyds and RBC, and co-investors including La Caisse and PSP Investments.
- The transaction requires regulatory approvals and is targeted to close before year-end 2025 as construction advances, including converter topsides en route for 2026 installation and expected operations in 2027.