Norway's Oil Fund Buys 50% Stake in Dutch Offshore Wind Farm for $1.63 Billion
By Dominic Chopping
Norges Bank Investment Management, the arm of Norway's central
bank that manages the country's $1.3 trillion oil fund, said
Wednesday it has agreed to make its first investment in unlisted
renewable energy infrastructure, paying 1.375 billion euros ($1.63
billion) for a 50% stake in a Dutch offshore wind farm.
Norges Bank Investment Management said it will buy the stake in
the Borssele 1 & 2 offshore wind farm from Denmark's Orsted AS,
who will remain co-owner and operator of the project.
Borssele 1 & 2 consists of 94 Siemens Gamesa 8 megawatt
offshore wind turbines located 23 kilometres off the coast of the
Dutch region of Zeeland. The wind farm has an installed capacity of
752 megawatts and produces energy equivalent to the annual
electricity consumption of around one million Dutch households.
The project was fully commissioned in the fourth quarter of
"The acquisition is in line with our strategy to build a
high-quality portfolio of wind and solar power generation assets,"
said Mie Holstad, Chief Real Assets Officer at Norges Bank
"The unlisted renewable energy infrastructure strategy
supplements our existing unlisted real estate portfolio well, and
we draw on our long experience with direct investments," she
The agreement was signed on April 7, with completion expected in
the second or third quarter of 2021.
Write to Dominic Chopping at firstname.lastname@example.org
(END) Dow Jones Newswires
April 07, 2021 05:55 ET (09:55 GMT)
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