DNV, the independent energy expert and assurance provider, recently completed Vendors’ Technical Due Diligence on Ørsted’s Hornsea 3. The Hornsea 3 offshore wind farm, 160 kilometers off the Yorkshire coast and 120 kilometers off the Norfolk coast, will feature 197 Siemens Gamesa SG DD-236 wind turbines.
Collaborating with Ørsted, DNV conducted an independent energy yield assessment and undertook a detailed technical due diligence study on all aspects of the offshore wind farm and the associated offshore transmission assets, which use HVDC technology. Drawing on DNV’s extensive offshore wind experience, this work identified the key technical and commercial aspects of the project for consideration by the multiple financial institutions, which supported the 50 percent ownership stake divestment to the buyer, Apollo Funds.
By 2050, offshore wind is set to become the U.K.’s main power source, supplying two-thirds of the nation’s grid electricity. DNV’s latest U.K. Energy Transition Outlook forecasts that capacity will reach 76 GW by then, fueled by offshore wind’s ability to generate more consistent power than onshore sites. It is already seeing a rapid shift: Capacity is expected to nearly double from 15 GW today to 28 GW by 2030.
“Successfully advising on the divestment of a stake in Hornsea 3 demonstrates how critical independent technical assurance is for unlocking the capital required for the U.K.’s energy transition,” said Hari Vamadevan, Senior Vice President, and Regional Director for the U.K. & Ireland, Energy. “Our latest U.K. forecast shows that projects of this scale are essential: We need to install new offshore wind capacity at more than twice the historical rate to meet the 2030 target and support the massive electrification of transport and heating demand.”
“This project exemplifies the complex technical and financial ecosystem that must work in unison,” Vamadevan said. “Our multidisciplinary due diligence — from energy-yield assessment to the review of pioneering HVDC transmission assets — provided the rigorous analysis needed to give Ørsted and its financial partners the confidence to advance a project that will be a cornerstone of the U.K.’s future clean power system.”
More info www.dnv.com
