Abu Dhabi’s sovereign investor, the Mubadala Investment Company, has declared a $325m (Dh1.19bn) investment in the 2.9GW Hornsea 3 offshore wind farm project in the UK.
Hornsea 3, situated 120km off the Norfolk coast, is set to become the world’s largest offshore wind farm.
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 headed by Apollo-managed funds, including USS and La Caisse, for investment.
Apollo infrastructure partner Adam Petrie 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 power to over three million homes across the UK.”
The investment comes after Apollo Funds acquired a 50% stake in the joint venture that holds Hornsea 3.
Ørsted retains the remaining 50% ownership and continues to lead the project’s development, construction and operation.
Mubadala infrastructure EMEA head Karim El Jazzar 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 of 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 portfolio of renewable energy investments.
The company has previously engaged in renewable initiatives including Tata Power Renewables, Skyborn Renewables, PAG Renewables and Rezolv Energy, supporting renewable energy development worldwide.
“Mubadala commits $325m to UK’s Hornsea 3 wind farm” was originally created and published by Power Technology, a GlobalData owned brand.
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