REG-Ørsted A/S Ørsted partners with AXA IM Alts and Crédit Agricole Assurances on Hornsea 2 Offshore Wind Farm

Oersted A/SAnnouncement

28/03/2022 07:45

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   Ørsted A/S (Orsted)
   Ørsted partners with AXA IM Alts and Crédit Agricole Assurances on Hornsea
   2 Offshore Wind Farm

   28-March-2022 / 08:41 CET/CEST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   28.3.2022 08:41:09 CEST | Ørsted A/S | Investor News

   Ørsted has signed an agreement to divest a 50 % ownership stake in its 1.3
   GW Hornsea 2 Offshore Wind Farm in the UK to a consortium comprising AXA
   IM Alts, acting on behalf of clients, and Crédit Agricole Assurances.

   Hornsea 2 is currently under construction and will become the world's
   largest offshore wind farm once commissioned later in 2022. The total
   value of the transaction is GBP 3 billion, and the transaction is expected
   to close in the second half of 2022 once the wind farm is fully
   commissioned and customary regulatory approvals are obtained.

   AXA IM Alts and Crédit Agricole Assurances will then each own 25 % of the
   project. The investors' 50 % stake in Hornsea 2 will be funded through a
   combination of equity and a senior multi-tranche staple financing package
   provided by 30 banks and including a covered tranche guaranteed by EKF,
   Denmark's export credit agency. The financing package was originated and
   structured by Ørsted.

   Spanning an offshore area of 462 km², Hornsea 2 is located 89 km off the
   Yorkshire coast in the Hornsea zone, one of the world's largest offshore
   wind development areas. With a capacity of 1.3 GW, Hornsea 2 will provide
   enough green electricity to power the equivalent of more than 1.3 million
   homes annually.  Hornsea 2 is a key project supporting the UK government's
   objective of achieving 40 GW of offshore wind capacity by 2030.

   Ørsted is finalising the construction of the project and will provide
   long-term operations and maintenance (O&M) services for 20 years from its
   O&M base at the Port of Grimsby, the largest such base for offshore wind
   farms in the world. Furthermore, Ørsted will provide the incoming partners
   with balancing services and a long-term route to market for the renewable
   electricity generated from Hornsea 2. 

   Martin Neubert, Chief Commercial Officer and Deputy Group CEO at Ørsted,
   said: 'We're delighted to partner with AXA IM Alts and Crédit Agricole
   Assurances, two world-leading financial institutions, which are committed
   to accelerate the transition to a carbon-neutral economy in line with the
   Paris Agreement - thereby supporting the urgently needed shift from
   fossil-based to renewable energy sources.'

   Mark Gilligan, Head of Infrastructure Equity at AXA IM Alts, said: 'Our
   investment strategy is all about decarbonisation, electrification, and
   digitalisation. These are central to the energy transition. Hornsea 2
   allows us to play an important role in decarbonising and electrifying the
   United Kingdom. This landmark transaction aligns with our aim of
   acquiring, for our clients, utility-scale low-carbon essential businesses
   and being a long-term partner of choice for outstanding operators like
   Ørsted.'

   Philippe Dumont, CEO of Crédit Agricole Assurances, said: 'We're proud to
   announce this new partnership in favour of the energy transition. This
   investment in Hornsea 2, the world's largest offshore wind farm, is fully
   in line with Crédit Agricole Group's climate commitments. This operation
   will also contribute to Crédit Agricole Assurances' objectives to double
   its investments in renewable energies and reach an 11 GW installed
   capacity by 2025.'

   Duncan Clark, Head of Region UK at Ørsted, said: 'We're very much looking
   forward to working with our new partners and continuing to support the
   UK's commitment to decarbonise electricity by 2035. Ørsted has invested
   more than GBP 14 billion in the UK to date, and when Hornsea 2 becomes
   fully operational later this year, our wind farms will be supplying over 7
   % of Britain's electricity. We're now focused on helping the UK deliver on
   its 40 GW and Sector Deal target for offshore wind by 2030, a significant
   milestone in the energy transition that will deliver more than GBP 60
   billion of investment for the UK while supporting the UK's world-class
   offshore wind supply chain and more than 40,000 jobs over the next few
   years.'

   The information provided in this announcement does not change Ørsted's
   financial guidance for 2022. In addition to the above, Ørsted's full-year
   EBITDA, including new partnership agreements, is expected to be
   significantly higher than the 2021 EBITDA of DKK 24.3 billion.  

   The transaction is subject to full commissioning of the Hornsea 2 project
   and certain regulatory approvals, including from relevant competition
   authorities, and is expected to close in the second half of 2022. Further
   information regarding the transaction can be found on
    1 orsted.com/investors.

   Facts about Hornsea 2

     • Hornsea 2 Offshore Wind Farm is currently under construction 89 km off
       the Yorkshire coast. Once complete, it will take Ørsted's installed
       capacity in the UK to over 6,300 MW. The wind farm generated first
       power on 20 December 2021.
     • When fully operational, Hornsea 2's wind turbines will be capable of
       generating 1.3 GW of clean electricity - taking the title of the
       world's largest operating offshore wind farm from its sibling project
       Hornsea 1.
     • Spanning an offshore area of 462 km², Hornsea 2 features 165
       state-of-the-art wind turbines that will provide green power to the
       equivalent of more than 1.3 million homes - or all households in
       Greater Manchester.

   For further information, please contact:

   Ørsted Media Relations
   Tom Christiansen
   + 45 99 55 60 17
    2 tomlc@orsted.com 

   Ørsted Investor Relations
   Allan Bødskov Andersen
   + 45 99 55 79 96
    3 IR@orsted.com 

   AXA IM Alts Media Relations
   Jocelyne Tamssom, +33 1 44 45 96 62
   Pauline Mauvenu, +33 1 44 45 89 84                              
    4 PressOfficeAXAIMAlts@axa-im.com

   Crédit Agricole Assurances Media Relations 
   Françoise Bololanik + 33 1 57 72 46 83 / +33 6 25 13 73 98
   Géraldine Duprey + 33 1 57 72 58 80 / +33 7 71 44 35 26
    5 service.presse@ca-assurances.fr

       About Ørsted A/S

   About Ørsted
   The Ørsted vision is a world that runs entirely on green energy. Ørsted
   develops, constructs, and operates offshore and onshore wind farms, solar
   farms, energy storage facilities, renewable hydrogen and green fuels
   facilities, and bioenergy plants. Moreover, Ørsted provides energy
   products to its customers. Ørsted is the only energy company in the world
   with a science-based net-zero emissions target as validated by the Science
   Based Targets initiative (SBTi). Ørsted ranks as the world's most
   sustainable energy company in Corporate Knights' 2022 index of the Global
   100 most sustainable corporations in the world and is recognised on the
   CDP Climate Change A List as a global leader on climate action.
   Headquartered in Denmark, Ørsted employs 6,836 people. Ørsted's shares are
   listed on Nasdaq Copenhagen (Orsted). In 2021, the group's revenue was DKK
   77.7 billion (EUR 10.4 billion). Visit  6 orsted.com or follow us on
   Facebook, LinkedIn, Instagram, and Twitter.

   About AXA IM Alts  
   AXA IM Alts is a global leader in alternative investments with EUR 183
   billion of assets under management comprising over EUR 86 billion of
   primarily private real estate, approx. EUR 82 billion of private debt and
   alternative credit, as well as over EUR 12 billion in infrastructure,
   private equity, and hedge funds. We take a 360° approach to real assets
   (real estate and infrastructure) investing with over EUR 121 billion of
   assets under management in direct opportunities, held indirectly through
   debt and listed equities and via long-term private equity investments into
   operating platforms. ESG is fully integrated into our investment
   decision-making processes, with our responsible investment approach
   anchored by the three key pillars of decarbonisation, resilience, and
   building tomorrow. AXA IM Alts employs over 750 people located in 16
   offices around the world and serves the needs of more than 500 clients
   from Europe, North America, Asia Pacific, and the Middle East. We are the
   number one property portfolio and asset manager in Europe, and one of the
   largest worldwide. AXA IM Alts' Real Assets platform launched its
   infrastructure platform in 2013 to offer its clients a diversified real
   assets portfolio to investing into the four key areas of direct property
   and infrastructure investments, and private and listed debt. As of
   December 2021, the infrastructure platform manages EUR 11.9 billion across
   125 assets. 

   About AXA Investment Managers 
   AXA Investment Managers (AXA IM) is a responsible asset manager, actively
   investing for the long-term to help its clients, its people, and the world
   to prosper. Our high conviction approach enables us to uncover what we
   believe to be the best global investment opportunities across alternative
   and traditional asset classes, managing approximately EUR 887 billion in
   assets as of the end of December 2021. AXA IM is a leading investor in
   green, social, and sustainable markets, managing EUR 563 billion of
   ESG-integrated, sustainable, or impact assets as of the end of December
   2021. We are committed to reaching net-zero greenhouse gas emissions by
   2050 across all our assets and to integrating ESG principles into our
   business, from stock selection to our corporate actions and culture. Our
   goal is to provide clients with a true value, responsible investment
   solution while driving meaningful change for society and the environment.
   As of December 2021, AXA IM employs over 2,460 employees around the world,
   operates out of 23 offices across 18 countries, and is part of the AXA
   Group, a worldwide leader in insurance and asset management.  Visit our
   websites  7 https://realassets.axa-im.com and  8 www.axa-im.com. Follow us
   on Twitter @AXAIMAlts and @AXAIM.

   About Crédit Agricole Assurances
   Crédit Agricole Assurances, France's largest insurance group, unites
   Crédit Agricole's insurance subsidiaries. The Group offers a range of
   savings, retirement, health, personal protection, and property insurance
   products and services. They are distributed by the Crédit Agricole's banks
   in France and in eight other countries around the world by financial
   advisers and multi-line insurance agents. The Crédit Agricole Assurances
   companies serve individuals, professionals, farmers, and businesses.
   Crédit Agricole Assurances has 5,300 employees. Its premium income at the
   end of 2021 amounted to EUR 37.0 billion (IFRS).  9 www.ca-assurances.com

       Attachments

     •  10 News from Ørsted.pdf

   News Source: Ritzau

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  151715
   EQS News ID:   1312709


    
   End of Announcement EQS News Service

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