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Eksfin loans Ørsted €525m for Hornsea 3 deal

RICHARD HEAP

March 19, 2024

Norwegian export credit agency Eksfin has provided a €525m loan to Ørsted to support its use of Aibel transformer platforms at the 2.9GW Hornsea 3 offshore wind farm.

Norwegian firm Aibel is providing two transformer substations for the project off the UK’s east coast, which is due to be commissioned in 2027. This deal extends Eksfin’s exposure to offshore wind to €3.5bn.

Tone Lunde Bakker, managing director at Eskfin, said: “Our cooperation with leading offshore wind developers is vital for the Norwegian offshore wind cluster. This latest transaction strengthens the relationship between Ørsted and Norwegian exporters and helps create opportunities for future co-operation.”

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