Apollo Agrees to Invest $6.5 Billion in Orsted Wind Farm (1)

Funds managed by Apollo Global Management Inc. agreed to invest $6.5 billion in Orsted A/S’s Hornsea 3, the UK offshore wind project that’s among the world’s largest.

The agreement includes the funds taking a 50% interest in the joint venture holding Hornsea 3, Apollo said Monday in a statement. It also involves a commitment to pay for 50% of the project’s remaining construction costs.

The commitment from Apollo comes roughly six months after Denmark’s Orsted canceled plans for the Hornsea 4 offshore wind farm, a major blow to the UK’s plans to boost the clean energy source in ...