Norway swaps oil for wind

Norges Bank Investment Management (NBIM) will be acquiring a half share of Ørsted's 752 MW Borssele 1 & 2 offshore wind farm near the Netherlands in a €1.4bn deal and represents NBIM's first investment in unlisted renewable energy infrastructure.

NBIM was given a mandate to invest in unlisted renewable energy infrastructure from 1 January 2020 as it seeks to diversify the world’s largest sovereign wealth fund away from equities, bonds and property. The company is the asset management division of Norges Bank, the Norwegian central bank, and as manager of the Government Pension Fund Global, has a mandate to invest Norway’s oil revenues.

Martin Neubert, chief commercial officer and deputy group CEO of Ørsted, said: "As one of the world's largest institutional investors, Norges Bank Investment Management is making a difference by making sustainable investments. We're delighted to welcome NBIM as partner on Borssele 1 & 2, which is a landmark project for the Netherlands' transition to renewable energy, and we're pleased to support NBIM in their strategy to invest in renewable energy infrastructure assets."

    Share Story:

Recent Stories