Norway’s Oil Fund Invests $1.6Bln in Dutch Wind Farm

Oslo – Norway’s oil fund, the Norges Bank Investment Management (NBIM), announced Wednesday that it had bought 50 percent of the shares in the Borssele offshore wind farm operated by Danish energy giant Orsted for about 1.4 billion euro ($1.6 billion).

NBIM stated that an agreement was signed to acquire a 50 percent interest in the Borssele 1 & 2 offshore wind farm located in the Netherlands.

Senior executive at the Fund said in a press release that “Borssele 1 & 2 is a high-quality offshore wind asset, and the acquisition is in line with our strategy to build a high-quality portfolio of wind and solar power generation assets.”

The agreement with Orsted marks NBIM’s first investment in unlisted renewable energy infrastructure. The Norwegian government has granted permission to the country’s wealth fund to invest in renewable energy infrastructure in 2019.