Apollo Agrees to Invest $6.5 Billion in Orsted Wind Farm

By Simon Casey (Bloomberg) –Funds managed by Apollo Global Management Inc. agreed to invest $6.5 billion in Orsted A/S’s Hornsea 3, the UK offshore wind project that’s among the world’s largest.

The agreement includes the funds taking a 50% interest in the joint venture holding Hornsea 3, Apollo said Monday in a statement. It also involves a commitment to pay for 50% of the project’s remaining construction costs.

The commitment from Apollo comes roughly six months after Denmark’s Orsted canceled plans for the Hornsea 4 offshore wind farm, a major blow to the UK’s plans to boost the clean energy source in coming years.

The Danish firm has faced a string of setbacks this year, including as the once-promising US wind market has seen a reversal of fortunes. In response, Orsted has pivoted to hone in on the offshore business in Europe, where it was an early pioneer of the industry late last century.

In October, Orsted raised 60 billion Danish kroner ($9.3 billion) through a rights offering that’s been seen as critical to helping the company tackle the downturn facing the wind-power industry.

Hornsea 3 is Orsted’s third gigawatt-scale project in the North Sea’s Hornsea zone and upon completion it will have a capacity of 2.9 gigawatts, enough power for more than 3 million UK households, according to the statement.

The Hornsea 3 transaction is subject to regulatory approvals and is expected to close before year-end 2025.

© 2025 Bloomberg L.P.

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