Ørsted sells half of Hornsea 2 wind project to France's AXA, Credit Agricole

Denmark’s Ørsted A/S (CPH:ORSTED) today announced a deal to offload a 50% stake in its 1.3-GW Hornsea 2 offshore wind farm currently under construction in UK waters in a deal worth GBP 3 billion (USD 3.9bn/EUR 3.6bn).

The shareholding will be bought by a consortium comprising AXA IM Alts, a division of French insurer Axa SA (EPA:CS), and Credit Agricole Assurance, part of France’s Credit Agricole (EPA:ACA). Each of the two parties will hold a 25% interest once the deal wraps up, which is expected to happen in the second half of 2022. Its closing is subject to regulatory clearance and the full commissioning of the Hornsea 2 park.

AXA IM Alts and Credit Agricole Assurance will fund the purchase through a combination of equity and a senior multi-tranche staple financing package from 30 lenders.

Located 89 km (55.3 miles) off the Yorkshire coast in the North Sea, Hornsea 2 will become the world’s largest offshore wind park when fully operational. Its 165 Siemens Gamesa turbines are expected to generate enough electricity to supply over 1.3 million homes per year. First power from the complex was lauded in December 2021.

Ørsted will operate and maintain the wind farm for 20 years. The Danish firm will also offer long-term route-to-market and balancing services related to Hornsea 2's output.

(GBP 1.0 = USD 1.315/EUR 1.200)

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