Mubadala announced a $325 million investment in Ørsted's Hornsea 3 offshore wind farm in the United Kingdom. In a statement, the company said the project would become the single largest offshore wind farm in the world upon its completion.
The Abu Dhabi sovereign investor joined a consortium led by funds managed by Apollo, which includes USS and La Caisse.
Following the acquisition of a 50 per cent stake in the joint venture by Apollo Funds, Ørsted retains the remaining half of the ownership.
Ørsted said it expects to deliver 2.9GW of capacity and provide power for more than 3.3 million homes in the UK.
This facility represents the third gigawatt-scale wind farm within the Hornsea zone located off the Norfolk coast.
Karim El Jazzar, Head of EMEA, Infrastructure 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.” He noted that the project will play a critical role in expanding generation capacity as electricity demand continues to grow.