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Abu Dhabi sovereign investor Mubadala is investing $325 million in the world’s largest offshore wind farm, Orsted’s Hornsea 3 project located off the Norfolk coast in the UK.
Mubadala’s investment is part of a consortium led by Apollo-managed funds, which includes the UK pension fund USS and Canada’s La Caisse.
The investment follows Apollo Funds’ acquisition of a 50% stake in the joint venture holding Hornsea 3, with Denmark’s Orsted retaining the remaining 50% ownership and continuing to lead the development, construction and operation of the project.
Hornsea 3 is Orsted’s third gigawatt-scale offshore wind project within the Hornsea zone in the North Sea. Upon completion, the project is expected to deliver 2.9GW of capacity, providing renewable electricity to power more than 3.3 million UK homes.
Mubadala said the investment is part of its long-term strategy to infuse capital in “high-quality infrastructure assets”.
Last week, the $385 billion UAE sovereign wealth fund also announced a “significant minority investment” in the US-based Power Factors, a renewable energy management suite (REMS) provider, alongside existing investor Vista Equity Partners.
(Writing by Bindu Rai, editing by Brinda Darasha)
