DNV, the independent energy expert and assurance provider, has successfully 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.

Drawing on DNV’s extensive offshore wind experience, this 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.

DNV’s Energy Transition Outlook highlights that, with the electrification of economies surging ahead, renewables will provide an increasing proportion of the energy demand.  The share of offshore wind in total wind electricity generation will increase steadily, rising globally from 8% in 2020 to 34% in 2050, 6% of which is floating offshore.

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 has recently commenced full commercial operations and consists of 165 Siemens Gamesa wind turbines located 89 km off the Yorkshire coast in the North Sea, making the 1.32 GW project the largest capacity of any operating wind farm.