A potential buyer will need to contribute to the construction costs of the project. Credit: Jacopo Landi/Shutterstock.

Danish energy giant Ørsted has commenced divesting a stake in its 2.9GW Hornsea 3 offshore wind farm, located 120km from the UK coast, as reported by Bloomberg.

The company aims to sell a 50% stake in the offshore wind project as part of its wider plan to ramp up divestments, following a turnaround plan initiated by company CEO Mads Nipper.

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In October 2024, Brookfield acquired a £1.75bn stake in four of Ørsted’s operational wind farms in UK waters.

The exact price Ørsted is seeking for the stake is unclear.

However, a potential buyer will need to contribute to the construction costs of the project, which is expected to provide power to three million British households.

Ørsted has previously estimated the project’s value at £8.5bn ($10.8bn).

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It has engaged Bank of America and Crédit Agricole to facilitate the sale process.

The company plans to offload a stake in the Hornsea 3 wind project by 2025.

Located in the North Sea, 120km offshore Norfolk and 160km from the Yorkshire coast, the Hornsea 3 project, which is expected to be completed by the end of 2027, will comprise 231 offshore wind turbines.

In early 2024, Ørsted secured government-backed contracts to sell power from its offshore wind farms.

The company is also developing the Hornsea 4 offshore wind farm, which will have a 2.6GW capacity.

In June 2024, it confirmed that it will install a 600MW Tesla battery storage system at Hornsea 3.