Export Finance Norway (Eksfin) is providing loan financing of €525m to Orsted based on the purchase of two transformer platforms from Norway’s Aibel for the Hornsea 3 offshore wind farm in the UK.
The transaction increases Eksfin’s total offshore wind financing to nearly €3.5bn, the company said.
The 2.9GW Hornsea 3, situated off the Norfolk/South Yorkshire coast, will be the world’s single largest wind farm when in operation in 2027.
It will be Orsted’s third gigawatt-scale project in the Hornsea zone following Hornsea 1 (1.2GW) and Hornsea 2 (1.3GW), which are already in operation.
Partnering with banks, Eksfin offers state-backed loans and guarantees directly to developers based on the purchase of equipment and services from Norway.
Eksfin managing director Tone Lunde Bakker said: “Our cooperation with leading offshore wind developers is vital for the Norwegian offshore wind cluster.
“This latest transaction strengthens the relationship between Orsted and Norwegian exporters and helps create opportunities for future co-operation.”
Orsted’s interim chief finance officer Rasmus Errboe added: “The support by Eksfin and similar institutions plays a very important role in the green energy transition given the capital intensity of the sector.
“From Orsted’s side, we are very satisfied with the cooperation with and flexibility shown by Eksfin in relation to the loan financing for our Hornsea 3 offshore wind farm.”