Ørsted begins sale of 50% stake in £8.5bn Hornsea 3 wind farm

Danish energy company Ørsted has started the process of divesting a 50% stake in its 2.9 GW Hornsea 3 offshore wind farm, located 120 km from the UK coast, according to Bloomberg.

The sale, part of Ørsted’s broader divestment strategy led by CEO Mads Nipper, is expected to attract buyers willing to contribute to the project’s construction costs. The Hornsea 3 project, valued at approximately £8.5 billion ($10.8 billion), is anticipated to supply power to three million UK households once completed in 2027.

Ørsted has engaged Bank of America and Crédit Agricole to manage the sale, which is targeted for completion by 2025.

The Hornsea 3 wind farm, situated in the North Sea 120 km off Norfolk and 160 km from the Yorkshire coast, will feature 231 turbines. In June 2024, Ørsted announced plans to install a 600 MW Tesla battery storage system at the site to enhance energy storage capabilities.

This follows Ørsted’s recent divestment activities, including Brookfield’s £1.75 billion acquisition of stakes in four operational Ørsted wind farms in October 2024. Ørsted is also advancing its Hornsea 4 offshore wind project with a capacity of 2.6 GW.