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Norges Bank Investment Management will pay $1.6bn for a 50% stake in Orsted s Borssele 1 & 2, the Netherlands largest offshore wind project
Borssele 1 & 2 was commissioned at the end of 2020 (Credit: Orsted)
The manager of the world’s largest sovereign wealth fund, Norges Bank Investment Management (NBIM), has made its renewable energy debut, buying a 50% interest in the Orsted Borssele 1 & 2 offshore wind farm.
The investor, which oversees Norway’s trillion-dollar fund, will pay €1.4bn ($1.6bn) for the stake in the 752-megawatt (MW) project located 23km off the coast of Zeeland, Netherlands.
It has been on the lookout for a suitable opportunity to invest in renewable energy assets since approved to do so by Norway’s parliament at the start of last year, and is reported to have looked at several projects before settling on Borssele 1 & 2.
Norway sovereign wealth fund eyes renewables investments after debut deal
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The Borselle offshore wind farm (pictured) is NBIM’s first direct investment in renewable energy infrastructure. Image: Orsted.
Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.
Earlier today the fund, which has a worth upwards of US$1.3 trillion, confirmed its first direct investment in renewable energy, taking a 50% stake in Orsted’s Borssele wind farm for US$1.63 billion.
Mie Holstad, chief real assets officer at Norges Bank Investment Management (NBIM), the fund’s manager, said the deal was in line with its strategy to “build a high-quality portfolio of wind and solar power generation assets”.