News | November 3, 2022

DNV Supports ├śrsted As lender's Technical Advisor To The 1.32 GW Hornsea 2 Offshore Wind Farm

Hornsea 2 is the largest offshore wind farm and will provide electricity to more than 1.3 million UK homes.

DNV, the independent energy expert and assurance provider, has successfully completed Lenders’ Technical Due Diligence on Ørsted’s Hornsea 2 project, the world’s largest offshore wind farm.

Working in close collaboration with Ørsted and the lenders, legal, financial and insurance advisors, 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 include the world’s largest capacity offshore AC substation.

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% ownership stake divestment to the successful consortium of AXA IM Alts, acting on behalf of clients, and Crédit Agricole Assurances. DNV will provide further support to these stakeholders with operational monitoring services.

DNV’s Energy Transition Outlook highlights that, with the electrification of economies surging ahead, renewables will provide an increasing proportion of the energy demand. The share of offshore wind in total wind electricity generation will increase steadily, rising globally from 8% in 2020 to 34% in 2050, 6% of which is floating offshore.

DNV, the independent energy expert and assurance provider, has successfully completed Lenders’ Technical Due Diligence on Ørsted’s Hornsea 2 project, the world’s largest offshore wind farm.

Working in close collaboration with Ørsted and the lenders, legal, financial and insurance advisors, 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 include the world’s largest capacity offshore AC substation.

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% ownership stake divestment to the successful consortium of AXA IM Alts, acting on behalf of clients, and Crédit Agricole Assurances. DNV will provide further support to these stakeholders with operational monitoring services.

DNV’s Energy Transition Outlook highlights that, with the electrification of economies surging ahead, renewables will provide an increasing proportion of the energy demand. The share of offshore wind in total wind electricity generation will increase steadily, rising globally from 8% in 2020 to 34% in 2050, 6% of which is floating offshore.

Source: DNV