Ørsted sells 50 percent of Hornsea 2 farm to AXA and Crédit Agricole

Danish energy firm, Ørsted sold 50 percent in its 1.3 GW Hornsea 2 Offshore Wind Farm to AXA IM Alts consortium and Crédit Agricole Assurances. 

The wind farm Hornsea 2 is currently under construction. It is expected to become the world’s largest offshore wind farm once commissioned at the second half in 2022.  

Ørsted said in a statement on Monday that the total value of the transaction is GBP 3 billion (Euros 3.6 billion). 

AXA IM Alts and Crédit Agricole Assurances will own 25 percent of the project each. The Danish company said that the financing package was originated and structured by itself.

“The investors’ 50 percent stake in Hornsea 2 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,” said Ørsted. 

Hornsea 2 is located 89 km off the Yorkshire coast in the Hornsea zone in the United Kingdom. It is considered one of the world’s largest offshore wind development areas, with a capacity of 1.3 GW. 

The company said that the farm is expected to provide green electricity to power the equivalent of more than 1.3 million homes annually.