Arab investment giant's swoop for 50 per cent stake in windfarm that will be serviced out of Grimsby

The North Sea location of where Hornsea 3 is due to be constructed, with the underground cables being routed to come ashore in Norfolk

A MIDDLE Eastern investment company, Mubadala,  has made a surprise swoop for a 50 per cent stake in  Hornsea 3, which, once completed, will be the world’s single largest offshore wind farm with no fewer than 231 turbines.

The project is expected to create further employment at the operators, Ørsted, which will retain 50 per cent.

The Danish company already employs some 600 staff in and around Grimsby from where the sister Hornsea 1 and Hornsea 2 wind farm turbines are already maintained.

Based in Abu Dhabi, Mubadala is the sovereign wealth company of the United Arab Emirates. It has investments all over the world including the London-based bank, Revolut, which is currently being heavily promoted in an advertising campaign fronted by comedian Graham Norton.

Its investment in Hornsea 3 is put at $325-million - £240.8-million pounds.

Says Karim El Jazzar, Mubadala's head of infrastructure: "Hornsea 3 is a large-scale infrastructure asset supporting the expansion of renewable generation capacity in one of the world’s most established offshore wind markets.

"This investment reflects Mubadala’s approach of investing alongside experienced partners in high-quality infrastructure assets that support the energy transition while delivering long-term value.

"As electricity demand continues to grow, projects of this scale will play a critical role in expanding generation capacity and supporting the transition to a more sustainable energy system."

                                           

Investment in the North Sea wind farm project is being backed by Mubadala's chief executive, His Excellency Khaldoon Khalifa Al Mubarak