– Export Finance Norway (Eksfin) provides €525 million loan financing to Ørsted for the Hornsea 3 offshore wind farm project in the UK
– Hornsea 3 will be the world’s largest wind farm, generating a minimum of 2.9 GW of electricity
– Eksfin’s financing aims to promote Norwegian exports in the offshore wind industry, with a focus on the UK market and the growth of the Norwegian supply industry in renewables.
Export Finance Norway (Eksfin) has provided a loan financing of €525 million to Ørsted of Denmark for the purchase of two transformer platforms from Norway’s Aibel for the Hornsea 3 offshore wind farm project in the UK. This transaction increases Eksfin’s total offshore wind financing to nearly €3.5 billion. Hornsea 3, located off the Norfolk/South Yorkshire coast, will be the world’s largest wind farm, with a capacity to generate a minimum of 2.9 GW of electricity by 2027, enough to power around three million homes with clean energy.
Eksfin offers state-backed loans and guarantees directly to developers like Ørsted based on their purchase of equipment and services from Norway. This partnership aims to promote Norwegian exports and strengthen the Norwegian offshore wind cluster. Additionally, Norwegian companies specialize in platform construction, cable laying, and maritime installations, securing major export contracts and contributing to the growth of the renewables sector.
Ørsted currently manages 12 wind farms in the UK and has secured attractive Contracts for Difference (CfDs) for Hornsea 3 with a duration of 15 years. The UK government aims to have 50 GW of offshore wind in operation by 2030 and be net zero by 2050, making it a key market for Norwegian offshore wind suppliers like Eksfin in the future. Overall, Eksfin’s guarantees help solve customers’ financing needs and strengthen competitiveness in the international offshore wind market.