Eksfin Boosts Orsted’s Offshore Wind Project with EUR 525 mn Loan

By Editor


Export Finance Norway (Eksfin) has announced a loan financing of EUR 525 million to Orsted, Denmark’s leading offshore wind developer.

This funding is earmarked for the procurement of two transformer platforms from Aibel, a Norwegian company, for the Hornsea 3 offshore wind farm project located in the UK. With this transaction, Eksfin’s total offshore wind financing escalates to nearly EUR 3.5 billion.

Hornsea 3, positioned off the Norfolk/South Yorkshire coast, is slated to become the largest wind farm globally upon completion. Expected to commence operations in 2027, the project is anticipated to generate a minimum of 2.9 gigawatts (GW) of electricity, capable of powering approximately three million homes with clean energy. This venture marks Orsted’s third gigawatt-scale project in the Hornsea zone, following the successful establishment of Hornsea 1 (1.2 GW) and Hornsea 2 (1.3 GW), which are already operational.

Norwegian companies specializing in platform construction, cable laying, and maritime installations have secured significant export contracts in the offshore wind industry, contributing to the nation’s robust growth in renewables. In 2022, Norway held an international market share of 7.5 percent in the offshore wind sector, with a government target of achieving a 10 percent global market share by 2030.

Aibel CEO, Mads Andersen, emphasized the importance of Eksfin’s guarantees in addressing financing needs crucial for enhancing competitiveness in the international offshore wind market.

Meanwhile, Orsted’s strategic focus on the UK, home to 12 managed wind farms, aligns with the country’s ambitious renewable energy targets. Backed by extensive political support and Contracts for Difference (CfDs), which secure a minimum price for green electricity, the UK aims to have 50 GW of offshore wind capacity by 2030 and achieve net zero emissions by 2050. Orsted secured favorable CfDs for Hornsea 3, with a duration of 15 years, signaling continued commitment to the UK market.

Rasmus Errboe, Interim CFO at Orsted, expressed satisfaction with the flexibility demonstrated by Eksfin in facilitating loan financing for the Hornsea 3 project.

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