Norges Bank Investment Management has agreed to purchase a 50% stake in the Borssele 1 & 2 offshore wind farm in the Netherlands.

The agreement was signed earlier this month, and it is expected to be completed in the second or third quarter of 2021. Norges Bank Investment Management will pay €1.375 million for a 50% stake in the offshore wind farm. The deal would not require any additional debt funding.

Ørsted is the seller of the 50% stake. Ørsted will continue to be a co-owner and developer of the project.

“We are excited to have made our first investment in unlisted renewable energy infrastructure and pleased to partner with Ørsted as the market leader in offshore wind. 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 unlisted renewable energy infrastructure strategy supplements our existing unlisted real estate portfolio well, and we draw on our long experience with direct investment.”
Mie Holstad, chief real assets officer at Norges Bank Investment Management.

“Unlisted renewable energy infrastructure is a new asset class for the fund, which we invest in to improve the overall diversification of the fund. We look forward to continuing to execute on our investment strategy for unlisted renewable energy infrastructure.”
Nicolai Tangen, CEO at Norges Bank Investment Management.