Posted on November 5, 2025
Apollo-managed funds have taken a 50% stake in Ørsted’s Hornsea 3, with a $6.5 billion investment in what is the world’s largest offshore wind development.
Located in the North Sea, Hornsea 3 is Ørsted’s third gigawatt-scale project in the area and will provide 2.9 GW or essentially enough energy to power three million U.K. households. The joint venture will continue the construction of the wind farm and will provide capital for long-term operations and maintenance services as well as a route-to-market for power generation.
“Ørsted is a global leader in offshore wind power and Hornsea 3 is its most significant project yet, with capacity to bring reliable, renewable energy to millions of homes across the U.K.,” said Adam Petrie, partner at Apollo Infrastructure. “Through this investment, we are proud to deliver a scaled and comprehensive solution for infrastructure that will promote energy security and the U.K.’s net zero ambitions.”
This follows another investment a few days ago from Copenhagen Infrastructure Partners, through its CI Advanced Bioenergy Fund I, which bought a combined pre-treatment and biogas plant in Northwich, U.K., from Ørsted. The facility currently processes municipal solid waste and produces power for the grid.
Co-investors in the wind farm include La Caisse (formerly CDPQ), which has committed to the transaction across both equity and debt, and PSP Investments, which has committed to the transaction’s debt financing.
Apollo’s ongoing energy investment
The Hornsea 3 transaction’s senior financing is being led by Apollo-managed entities, and the bank facilities have been underwritten by BNP Paribas, ING Bank, Lloyds, and RBC Capital Markets. This work follows other large-scale transactions focused on energy.
The investment in Hornsea 3 follows a series of recent large-scale capital solutions Apollo funds have provided for European energy infrastructure, including a €3.2 billion ($3.7 billion) investment to support expansion of the German energy grid, a £4.5 billion ($5.9 billion) financing commitment to EDF for its Hinkley Point C nuclear power plant, and more than $4.5 billion of investments with BP, including non-controlling interests in its TANAP and TAP pipelines.
“This is the latest large-scale transaction here in Europe where we are investing behind energy infrastructure, transition assets, AI and other key priorities,” said Apollo Partner and Co-Head of European Credit Leslie Mapondera about the Hornsea deal.
Advisors
Linklaters are acting as legal counsel to the Apollo funds and RBC Capital Markets as financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison is acting as lenders counsel in the transaction.
