Orsted Divests 50% Stake in UK Wind Farm to Apollo for $6B

Ørsted has reached an agreement to sell a 50% stake in the Hornsea 3 offshore wind farm, located in the UK, to Apollo Global Management for approximately 39 billion Danish crowns ($6.09 billion). This transaction is considered a vital step for Ørsted to mitigate potential credit rating downgrades as the company addresses significant financial hurdles. The world's leading offshore wind developer aims to restore investor confidence amidst escalating costs stemming from supply chain disruptions and inflationary pressures. Per the agreement, Apollo Global Management will acquire the 50% stake and has committed to funding 50% of the project's remaining construction expenses. Ørsted will retain the remaining 50% ownership stake in Hornsea 3.