Overlay
Enterprise

Climate stories: Hornsea 2

Supporting our customers and the UK to transition to net zero: read the latest in our series of climate stories, exploring renewable energy infrastructure project Hornsea 2.

About the project

Located approximately 89 km (55.3 miles) off the Yorkshire coast, the Hornsea 2 windfarm was constructed at the then reported lowest-ever contract price for offshore wind in the UK, in the unforgiving environment of the North Sea and amid the challenges of the COVID-19 pandemic.

How did NatWest Group help?

In March 2022, NatWest Group participated in a syndicated loan deal to finance the construction of the Hornsea 2 project: at the time, the largest offshore windfarm under construction in the world.

The deal involved global asset manager AXA IM Alts and French insurance group Crédit Agricole Assurances acquiring a 50% stake in the development from operator Ørsted.

 

What were the outcomes?

Hornsea 2, which became fully operational on 31 August 2022, supports AXA IM Alt, Crédit Agricole Assurances and Ørsted’s ambition to expand renewable energy production.

Comprising 1 MW turbines spanning 462km2 (an area c.31 times the size of Windermere in the Lake District) and producing more than 1.3GW of electricity – enough energy to supply more than 1.4 million homes. Each single revolution of each 204m high turbine can power an average family home for 24 hours.

Disclaimer:

This article is for media use only and is not a financial promotion.

This announcement is published by NatWest Group plc (together with its subsidiaries “NatWest Group”), for information and reference purposes only and is intended to provide non-exhaustive, indicative and general information only, it does not purport to be comprehensive, and it does not provide any form of legal, tax, investment, accounting, financial or other advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information.

Finance is subject to status. Security may be required. Product fees may apply.

Caution about the assumed impact of Green Bonds and Social Bonds. The assumed impact sections of this report and the presentations described therein are only informed by Harmonized Framework for Impact Reporting (the ‘Harmonized Framework’) as set out by the International Capital Markets Association (ICMA) and they do not intend to be fully consistent with the guidance of the Harmonized Framework.

For more information on our activity on climate, environment, social and governance matters, please see NatWest Group’s 2022 Climate-related Disclosures Report (PDF 9.7MB) and NatWest Group’s 2022 Environmental, Social and Governance Supplement (PDF 9.6MB)

scroll to top