Orsted has struck a £3 billion deal to sell a 50% stake in Hornsea 2, soon to become the world’s largest offshore wind farm.
The deal will see investment group AXA IM Alts and financial insurance firm Crédit Agricole Assurances each become 25% owners of the project, with the deal expected to complete in the second half of this year.
Orsted remains operator with 50%.
Spanning 462 km², Hornsea 2 lies in one of the world’s largest offshore wind development areas around 55 miles off the Yorkshire coast.
The 1.2 GW scheme is a key part of the government’s 40GW capacity target by 2030 and will provide power for the equivalent of 1.3 million homes annually.
Martin Neubert, Chief Commercial Officer and Deputy Group CEO at Orsted, said: “We’re delighted to partner with AXA IM Alts and Crédit Agricole Assurances, two world-leading financial institutions, which are committed to accelerate the transition to a carbon-neutral economy in line with the Paris Agreement – thereby supporting the urgently needed shift from fossil-based to renewable energy sources.”
Hornsea 2 generated first power in December and is expected to be operational later this year.
Mark Gilligan, Head of Infrastructure Equity at AXA IM Alts, said: “Our investment strategy is all about decarbonisation, electrification, and digitalisation. These are central to the energy transition. Hornsea 2 allows us to play an important role in decarbonising and electrifying the United Kingdom.
“This landmark transaction aligns with our aim of acquiring, for our clients, utility-scale low-carbon essential businesses and being a long-term partner of choice for outstanding operators like Orsted.”
Philippe Dumont, CEO of Crédit Agricole Assurances, said: “We’re proud to announce this new partnership in favour of the energy transition. This investment in Hornsea 2, the world’s largest offshore wind farm, is fully in line with Crédit Agricole Group’s climate commitments.
“This operation will also contribute to Crédit Agricole Assurances’ objectives to double its investments in renewable energies and reach an 11 GW installed capacity by 2025.”
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