Overview
- Funds managed by Apollo will acquire 50% of Hornsea 3 and commit to finance 50% of the project’s remaining build costs.
- The transaction is expected to close before the end of 2025, subject to regulatory approvals.
- Apollo plans to invest about $3.25 billion at closing, with a further roughly $3.25 billion to be released as construction milestones are met.
- About DKK 20 billion is due at closing, split between roughly DKK 10 billion for equity and DKK 10 billion as an initial construction payment, with the rest tied to future milestones.
- Ørsted will continue as full‑scope EPC contractor, provide long‑term operations and maintenance and route‑to‑market services, while senior financing is led by Apollo entities with facilities underwritten by BNP Paribas, ING, Lloyds and RBC and co‑investment from La Caisse and PSP.