Orsted A/S has officially begun the process of selling a stake in the ambitious Hornsea 3 wind farm project located off the coast of the UK, as reported by sources familiar with the matter.

The Danish utility company is looking to offload approximately 50% of its ownership in the Hornsea 3 project, marking a significant milestone for Orsted and its largest venture to date amidst the challenges faced by the offshore wind industry in recent years.

Under the leadership of CEO Mads Nipper, Orsted has been implementing a turnaround strategy, with divestments playing a key role in this plan. This move follows the recent sale of a stake in four operational wind farms in British waters to Brookfield for £1.75 billion ($2.2 billion).

While the exact asking price for the Hornsea 3 stake remains undisclosed, potential buyers are likely to be involved in funding the project’s construction, which is projected to provide electricity to over 3 million households in the UK. Orsted has estimated the total infrastructure cost of the project to be around £8.5 billion.

The sale of Hornsea 3 will serve as a litmus test for the market’s interest in Orsted’s ongoing development projects. The company’s success in a recent UK auction, securing government contracts for offshore wind power, has bolstered confidence in the Hornsea 3 venture, resulting in a significant price increase for a portion of the wind farm’s output.

Orsted has enlisted the expertise of advisors from Bank of America Corp. and Credit Agricole SA to oversee the sale process, although official comments from the involved parties have been limited.