World's Biggest Wealth Fund Strikes $1.6 Billion Debut Wind Deal

World’s Biggest Wealth Fund Strikes a Milestone Green Deal
Bloomberg
3 hrs ago
© Bloomberg
Wind turbine.
(Bloomberg) -- Norway’s $1.3 trillion wealth fund just made its first investment in clean energy infrastructure, more than a year after it was given the go-ahead to move into the asset class.
The world’s biggest sovereign investment vehicle has agreed to buy 50% of the 752 megawatt Borssele 1 & 2 offshore wind farm from Orsted A/S of Denmark. The deal is worth just under 1.4 billion euros, or about $1.6 billion, it said.
Norway’s wealth fund has been looking for such assets since parliament agreed to give it a mandate to start buying them back in 2019. But as recently as January, Chief Executive Officer Nicolai Tangen said it was proving hard to find reasonably priced targets.

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