Ørsted is to sell 50% of the 1.3GW Hornsea 2 offshore wind farm to Crédit Agricole Assurances and clients of AXA IM Alts. The transaction, which is expected to close subject to regulatory approvals in the second half of 2022, is worth £3.0 billion.
Hornsea 2 will become the world’s largest offshore wind farm once commissioned later in 2022.
The two investors stake will be funded through a combination of equity and a senior multi-tranche staple financing package provided by 30 banks and including a covered tranche guaranteed by EKF, Denmark’s export credit agency.
With an offshore area of 462km², Hornsea 2 is 89 km off the Yorkshire coast. Ørsted will provide long-term operations and maintenance (O&M) services for 20 years from its base at the Port of Grimsby, the largest such base for offshore wind farms in the world.
Ørsted will also provide balancing services and a long-term route to market for the renewable electricity generated from Hornsea 2.
Mark Gilligan, Head of Infrastructure Equity at AXA IM Alts, said the 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 Ørsted.”

Philippe Dumont, CEO of Crédit Agricole Assurances, said the investment would contribute to Crédit Agricole Assurances’ objectives to double its investments in renewable energies and reach 11GW installed capacity by 2025.

Ørsted said the sale would not change its financial guidance for 2022, adding that EBITDA for the year, “is expected to be significantly higher than the 2021 EBITDA.”