Apollo Funds Commit $6.5 Billion to Ørsted’s Hornsea 3 in the UK
Apollo (NYSE: APO) announced that Apollo-managed funds will invest $6.5 billion to acquire a 50% stake in Ørsted’s Hornsea 3 and to fund 50% of remaining construction costs. Hornsea 3 will have 2.9 GW capacity on completion, enough to power more than 3 million UK households. Apollo is expected to invest ~$3.25 billion at close and ~$3.25 billion on future construction milestones. Ørsted will continue full-scope EPC construction and provide long-term operations, while Apollo-managed entities lead the senior financing.
The transaction is subject to regulatory approvals and is anticipated to close before year-end 2025.
Apollo (NYSE: APO) ha annunciato che i fondi gestiti da Apollo investiranno $6.5 miliardi per acquisire una partecipazione del 50% in Ørsted’s Hornsea 3 e per finanziare il 50% dei restanti costi di costruzione. Hornsea 3 avrà una capacità di 2.9 GW al completamento, sufficiente per alimentare più di 3 milioni di famiglie nel Regno Unito. Apollo è previsto investirà circa $3.25 miliardi all’apertura e ~$3.25 miliardi sui futuri traguardi di costruzione. Ørsted continuerà la costruzione EPC a piena portata e fornirà operazioni a lungo termine, mentre le entità gestite da Apollo guideranno il finanziamento senior.
La transazione è soggetta ad approvazioni normative e si prevede di chiudere entro la fine del 2025.
Apollo (NYSE: APO) anunció que los fondos gestionados por Apollo invertirán $6.5 mil millones para adquirir una participación del 50% en Hornsea 3 de Ørsted y para financiar el 50% de los costos de construcción restantes. Hornsea 3 tendrá una capacidad de 2.9 GW al completarse, suficiente para alimentar a más de 3 millones de hogares del Reino Unido. Se espera que Apollo invierta ~$3.25 mil millones en el cierre y ~$3.25 mil millones en hitos de construcción futuros. Ørsted continuará con la construcción EPC de alcance completo y proporcionará operaciones a largo plazo, mientras que las entidades gestionadas por Apollo liderarán el financiamiento senior.
La operación está sujeta a aprobaciones regulatorias y se espera que cierre antes de finales de 2025.
Apollo (NYSE: APO)가 관리하는 펀드가 Hornsea 3를 인수하고 잔여 건설 비용의 50%를 조달하기 위해 $6.5억 달러를 투자할 것이라고 발표했습니다. Hornsea 3의 완공 시 용량은 2.9 GW로 확정되며, 이는 영국 가구 300만 가구 이상에 전력을 공급할 수 있습니다. Apollo는 마감 시점에 약 $3.25십억을 투자하고 향후 건설 이정표에서도 약 $3.25십억을 투자할 예정입니다. Ørsted은 전체 범위의 EPC 건설을 계속 수행하고 장기 운영을 담당하며, Apollo 관리 하의 실체가 선순위 파이낸싱을 주도합니다.
거래는 규제 승인의 대상이며 2025년 말까지 마감될 것으로 예상됩니다.
Apollo (NYSE: APO) a annoncé que les fonds gérés par Apollo investiront $6.5 milliards pour acquérir une participation de 50% dans Hornsea 3 d'Ørsted et pour financer 50% des coûts de construction restants. Hornsea 3 aura une capacité de 2,9 GW à la fin des travaux, suffisant pour alimenter plus de 3 millions de foyers britanniques. Apollo devrait investir environ $3.25 milliards à la clôture et ~$3.25 milliards sur les jalons de construction futurs. Ørsted poursuivra la construction EPC à portée complète et assurera les opérations à long terme, tandis que les entités gérées par Apollo mèneront le financement senior.
La transaction est soumise à des approvals réglementaires et devrait être clôturée avant la fin de 2025.
Apollo (NYSE: APO) hat angekündigt, dass von Apollo verwaltete Fonds $6.5 Milliarden investieren werden, um eine 50%-Teilnahme an Ørsted's Hornsea 3 zu erwerben und 50% der verbleibenden Baukosten zu finanzieren. Hornsea 3 wird nach Fertigstellung eine Kapazität von 2,9 GW haben, genügend, um mehr als 3 Millionen britische Haushalte mit Strom zu versorgen. Apollo wird voraussichtlich zum Abschluss ca. $3.25 Milliarden investieren und ~$3.25 Milliarden bei zukünftigen Baumeilensteinen. Ørsted wird die komplette EPC-Bauleistung fortführen und langfristige Betrieb übernehmen, während von Apollo gemanagte Einheiten die Seniorfinanzierung führen.
Die Transaktion unterliegt behördlichen Zulassungen und wird voraussichtlich vor Jahresende 2025 abgeschlossen sein.
Apollo (NYSE: APO) أعلن أن الصناديق المدارة من Apollo ستستثمر $6.5 مليار لشراء حصة قدرها 50% في Hornsea 3 التابعة لأورستد ولتمويل 50% من تكاليف البناء المتبقية. سيكون لدى Hornsea 3 سعة 2.9 جيجاوات عند اكتماده، كافٍ لتزويد أكثر من 3 ملايين منزل في المملكة المتحدة بالطاقة. من المتوقع أن تستثمر Apollo نحو $3.25 مليار عند الإغلاق ونحو $3.25 مليار في مراحل البناء المستقبلية. ستستمر Ørsted في البناء الهندسي والمقاولات على نطاق كامل وتوفير التشغيل طويل الأجل، بينما تقود الكيانات المدارة من Apollo التمويل الأولي (Senior Financing).
هذه الصفقة خاضعة للموافقات التنظيمية ومن المتوقع أن تغلق قبل نهاية عام 2025.
- $6.5B investment for 50% stake in Hornsea 3
- Acquires interest in 2.9GW offshore wind capacity
- Expected to power > 3 million UK households
- $3.25B initial equity funded at close
- Apollo-led senior financing with major banks underwriters
- Ørsted retains EPC and long-term O&M contract
- Transaction subject to regulatory approvals before close
- Remaining $3.25B funding contingent on construction milestones
- Construction execution risk while Ørsted completes build
Insights
Apollo commits
The deal transfers a 50% interest in the joint venture holding Hornsea 3 for
Key dependencies include completion of regulatory approvals and milestone‑linked funding: the transaction is anticipated to close before
Watch for three near‑term items: regulatory approval outcomes and the formal close before
Apollo Infrastructure to Become 50-50 Joint Venture Partner in World’s Largest Offshore Wind Farm Project
NEW YORK , Nov. 03, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds have agreed to invest
Hornsea 3 is Ørsted’s third gigawatt-scale project in the North Sea’s Hornsea zone and upon completion it will have a capacity of 2.9GW – enough power to generate low-cost, renewable electricity for more than 3 million UK households. As part of the agreement, Ørsted will continue to construct the wind farm under a full-scope EPC contract and will provide long-term operations and maintenance services as well as route-to-market for power generation.
Apollo Infrastructure Partner Adam Petrie said, “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 UK. Through this investment, we are proud to deliver a scaled and comprehensive solution for infrastructure that will promote energy security and the UK’s net zero ambitions.”
Ørsted Group CFO Trond Westlie said, “We’re pleased to welcome Apollo as a partner for Hornsea 3, as they bring infrastructure expertise and scaled capital. We look forward to working with them to deliver this important project that will produce enough electricity to power more than 3 million UK homes once completed and contribute to the renewable transformation of the UK. The divestment represents an important milestone for Ørsted as we continue to deliver on our partnership and divestment program, which is a cornerstone of our business plan.”
Apollo Partner and Co-Head of European Credit Leslie Mapondera said, “At Apollo, we look to serve as a scaled provider of long-term and flexible capital solutions for leading companies and infrastructure. We are pleased to partner with Ørsted on this transaction where Apollo Fund capital can help to power over 3 million UK homes. This is the latest large-scale transaction here in Europe where we are investing behind energy infrastructure, transition assets, AI and other key priorities.”
The Hornsea 3 transaction is subject to regulatory approvals and anticipated to close before year-end 2025. The Apollo Funds are expected to invest approximately
Ørsted chose to partner with Apollo in part for its ability to deliver a long-term, comprehensive equity and financing solution for the large-scale infrastructure project. The 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. Co-investors 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.
The investment in Hornsea 3 follows a series of recent large-scale capital solutions Apollo Funds have provided for European energy infrastructure, including a
Linklaters LLP are acting as legal counsel to the Apollo Funds and RBC Capital Markets as financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as lenders counsel in the transaction.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had approximately
Contacts
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com
FAQ
What did Apollo (APO) announce on November 3, 2025 regarding Hornsea 3?
How much capacity will Hornsea 3 have and how many homes will it power?
How is Apollo funding the $6.5 billion Hornsea 3 investment (APO)?
When is the Hornsea 3 transaction expected to close and what conditions apply?
Will Ørsted continue to build and operate Hornsea 3 after the Apollo deal?
Who are the financing partners and co-investors on the Hornsea 3 deal with APO?
