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Mubadala Invests $325 Million in Orsted's Hornsea 3 Offshore Wind Project

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Abu Dhabi sovereign investor Mubadala Investment Company said on Tuesday it will invest $325 million in Orsted's Hornsea 3 offshore wind farm, joining a consortium led by Apollo-managed funds in one of the world's largest renewable energy projects.

The deal follows Apollo Funds' acquisition of a 50% stake in the joint venture holding Hornsea 3, while Danish renewable energy firm Orsted retains the remaining 50% and continues to lead development, construction, and operation of the project.

Hornsea 3, which is located off the Norfolk coast in the UK, is expected to become the world's largest single offshore wind farm once completed, with a projected capacity of 2.9 gigawatts, enough to power more than 3.3 million homes.

The UK is the largest offshore wind market outside China and has set a target of up to 50 GW of offshore wind capacity by 2030 as part of its net-zero strategy, the sovereign fund said.

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Commodities

Market Chatter: Kashagan Maintenance to Reduce Kazakhstan Oil Exports Amid Tight European Supplies

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Commodities

Market Chatter: Japan's Cosmo Energy Turns to Mexican Oil as Hormuz Closure Disrupts Supplies

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