Overview
- Mubadala joined a consortium led by Apollo-managed funds, alongside USS and La Caisse, to back the 2.9 gigawatt Hornsea 3 project.
- Apollo funds recently bought 50% of the venture that holds Hornsea 3, while Ørsted keeps 50% and will develop, build, and operate the wind farm.
- Hornsea 3 sits about 120 kilometers off the Norfolk coast and is expected to supply power for more than 3.3 million homes in the UK.
- Offshore work has begun with the first offshore substation installed, the first export cable laid, and foundation installation underway, with operations targeted for 2027.
- Mubadala says the deal deepens its tie-up with Apollo and adds to earlier renewable moves, including stakes in Power Factors and Rezolv Energy.