Supporting Ørsted for the disposal of a 50% stake in Hornsea 2 Offshore Wind Farm
Ørsted is a Danish power company and a global leader in the transition to green energy. The company has a multinational footprint and develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is the only energy company worldwide with a science-based net-zero emissions target as validated by the Science Based Targets initiative, ranking as the world’s most sustainable energy company in Corporate Knights’ 2022 index of the Global 100 most sustainable corporations worldwide.
Crédit Agricole CIB is supporting Ørsted as sole sell-side merger and acquisition (M&A) and debt adviser on the disposal of a 50% ownership stake in its Hornsea 2 Offshore Wind Farm in the UK to a consortium comprising AXA IM Alts and Crédit Agricole Assurances.
Hornsea 2 Offshore Wind Farm is at present under construction and will be the largest Offshore Wind Farm worldwide once commissioned later in 2022. It has an offshore area of 462km2 and is located 89km off the Yorkshire coast in the UK. With a capacity of 1.3 gigawatts (GW), Hornsea 2 will provide enough green electricity to power the equivalent of more than 1.3 million homes annually. It is a key project supporting the UK government’s objective of achieving 40GW of offshore wind capacity by 2030.
This deal values the 50% stake in the project at £3 billion and is predicted to close in the second half of 2022. On completion, AXA IM Alts and Crédit Agricole Assurances will each have a 25% share in the project and will be supported by 30 commercial lenders and an ECA for the acquisition.
This landmark transaction is perfectly aligned with Crédit Agricole CIB’s climate commitments, enhancing the Bank’s visibility as a leading ESG-committed financial institution. It reinforces Crédit Agricole CIB commitment to energy transition, highlighting the Bank’s expertise in the renewables sector.
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