Funds managed by Apollo Global Management have agreed to invest approximately $6.5bn in Ørsted A/S’s offshore wind project Hornsea 3, according to a report by Bloomberg. The investment gives Apollo's funds a 50% stake in the joint venture holding the asset and commits the firm to fund 50% of the remaining construction costs.

Hornsea 3, located in the North Sea, is projected to reach a capacity of 2.9 GW. That is enough to power more than 3 million UK households, and would make it one of the world’s largest offshore wind farms when completed.

This transaction marks a significant expansion of Apollo’s infrastructure and energy transition strategy in Europe, as the firm leverages its scale to access large-ticket renewable infrastructure platforms. The deal is subject to regulatory approvals and is expected to close by the end of 2025.