Apollo Funds to Commit $6.5 Billion to Ørsted’s Hornsea 3, World’s Largest Offshore Wind Farm Project

Paul, Weiss is advising the lenders and noteholders in the financing backing a $6.5 billion investment by Apollo-managed funds in Ørsted’s Hornsea 3, the world’s largest offshore wind farm project. Under the terms of the transaction the investment represents the acquisition of a 50% interest in the joint venture holding Hornsea 3, as well as a commitment to fund 50% of the project’s remaining construction costs. Upon completion of the project, Hornsea 3 will have enough power to generate low-cost renewable electricity for more than 3 million UK households.

The lenders and noteholders in the transaction include Apollo-managed entities, BNP Paribas, ING Bank, Lloyds, RBC Capital Markets, La Caisse (formerly CDPQ) and PSP Investments. The deal is expected to close before the end of 2025, subject to regulatory approvals.

The Paul, Weiss team is led by corporate partners David Carmona and Matthew Friedman, and includes partner Manuel Frey and counsel Gert Raig, Caitlin Ludwigsen, Elizabeth Scherer, Antony Freeman and James Parkinson; and tax partners Timothy Lowe, Cian O’Connor, Sohail Itani, Deeksha Rathi and Kyle O’Sullivan.