Abu Dhabi sovereign investor Mubadala Investment Company has declared a $325 million (Dh1.19 billion) investment in the 2.9 GW Hornsea 3 offshore wind farm project in the UK.
Hornsea 3, located 120 kilometers off the coast of Norfolk, will become the largest offshore wind farm in the world.
Once completed, the project is expected to generate enough renewable electricity for more than 3.3 million homes in the UK.
Mubadala is partnering with a consortium led by Apollo-managed funds, including USS and La Caisse, to make investments.
Adam Petrie, Infrastructure Partner at Apollo, said: “Mubadala is an exceptional partner and we are pleased to welcome them to the Hornsea 3 consortium.
“Their investment alongside Apollo Funds and leading institutional investors speaks to the quality, scale and potential of the Hornsea 3 project as a generational infrastructure asset with the capacity to provide reliable, renewable energy to more than three million homes across the UK.”
The investment comes after Apollo Funds acquired a 50% stake in the joint venture that owns Hornsea 3.
Ørsted retains the remaining 50% ownership and continues to lead the development, construction and operation of the project.
Karim El Jazzar, EMEA infrastructure director at Mubadala, said: “Hornsea 3 is a large-scale infrastructure asset supporting the expansion of renewable generation capacity in one of the world’s most established offshore wind markets.
“This investment reflects Mubadala’s approach to investing alongside experienced partners in high-quality infrastructure assets that support the energy transition while delivering long-term value.”
The transaction enhances Mubadala’s collaboration with Apollo and expands its global renewable energy investment portfolio.
The company has previously been involved in renewable energy initiatives including Tata Power Renewables, Skyborn Renewables, PAG Renewables and Rezolv Energy, supporting the development of renewable energy around the world.
“Mubadala commits $325m to UK’s Hornsea 3 wind farm” was created and originally published by Power Technology, a brand owned by GlobalData.
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