The bank’s insurance subsidiary and the insurer’s asset management subsidiary sign a 3.6 billion euro partnership with the Danish energy company Ørsted.
The insurance branch of Crédit Agricole and Axa Investment Manager, Axa’s asset management subsidiary, announced on Monday that they have acquired 50% of the Hornsea 2 offshore wind farm in the United Kingdom, a transaction valued at 3.6 billion euros. .
An agreement has been concluded with the Danish energy company Ørsted, which will allow Crédit Agricole Assurances and Axa IM Alts to each hold 25% of the wind farm under construction. This park should become according to Ørsted “the largest offshore wind farm in the world”.
The value of the transaction is 3 billion pounds sterling, or approximately 3.6 billion euros.
This participation will be financed by a combination of equity and financing granted by 30 banks, indicate the three companies in a joint press release.
The operation “should be finalized in the second half of 2022 after the commissioning of the wind farm and obtaining the usual regulatory authorizations”, they specify.
Located 89 kilometers off the coast of Yorkshire, in the east of the United Kingdom, the wind farm will cover an area of 462 square kilometres. Its capacity of 1.3 gigawatts will allow it, according to Ørsted, to “cover the needs of more than 1.3 million households per year”.
“We are delighted to partner with AXA IM Alts and Crédit Agricole Assurances, two leading international institutional investors who are committed to accelerating the energy transition to a carbon neutral economy in line with the Paris Agreement,” said Martin. Neubert, deputy chief executive of Ørsted, in the statement.