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DNV supports Ørsted as Lenders’ Technical Advisor for Hornsea 2

By: Tom Russell 03/11/2022 DNV

General Windfarms

DNV has 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.

The 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.

Hari Vamadevan, Executive Vice President, and Regional Director UK & Ireland of Energy Systems at DNV, said: “We would like to congratulate Ørsted on reaching the incredible milestone of developing the world’s largest offshore wind farm - we are honoured to have played a part in this success. This was a fantastic opportunity for our multidisciplinary teams to add value to the development of this hugely impressive renewable energy project and demonstrates the project scale needed if we are to increase the pace of the energy transition ”

Hornsea 2 is comprises of 165 wind turbines, and has an overall capacity of 1.3GW. Each turbine blade is 81m long and the blade tip reaches more than 200m above sea level. One revolution of the turbine blades can power an average UK home for 24 hours A total of 390km of subsea export cables take the power generated from Hornsea 2 to the shore at Horseshoe Point in Lincolnshire. The project is being serviced using Service Operations Vessel (SOV) Wind of Hope which is operating out of Ørsted’s operations and maintenance hub in Grimsby.

The wind farm forms part of the Hornsea Zone, an area of the North Sea covering more than 2,000 sq km, which will have a total capacity of in excess of 5 GW. It comprises of the Hornsea 1, 2 and 3 projects, with the first two wind farms now in operation.

For more information on offshore wind farms worldwide, click here. You can also view projects worldwide on 4C Offshore's Interactive map.

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DNV supports Ørsted as Lenders’ Technical Advisor for Hornsea 2

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