Norges Bank Investment Management (NBIM), the investment manager for Norway’s €1.1 trillion oil fund, announced today an agreement to acquire a 50% interest in the Borssele 1 & 2 offshore wind farm located in the Netherlands from energy provider Ørsted. The €1.375 billion deal marks NBIM’s entry into the unlisted renewable energy infrastructure market.

Nicolai Tangen, Chief Executive Officer at Norges Bank Investment Management, said:

“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.”

Borssele 1 & 2 is the largest operational offshore wind farm in the Netherlands, and the second-largest operational offshore wind farm in the world, with an installed capacity of 752 MW. The offshore wind farm was commissioned in the fourth quarter of 2020 and generates green power equivalent to one million households’ annual power consumption.

Mie Holstad, Chief Real Assets Officer at Norges Bank Investment Management, said:

“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.”

Martin Neubert, Chief Commercial Officer and Deputy Group CEO of Ørsted, added:

“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.”