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First investment in renewable energy infrastructure

Norges Bank Investment Management has signed an agreement to acquire a 50 percent interest in the Borssele 1 & 2 offshore wind farm located in the Netherlands.

7 April 2021

The agreement was signed on 7 April 2021, with completion expected in the second or third quarter of 2021.   

Norges Bank Investment Management will pay 1,375 million euros for its 50 percent interest in the offshore wind farm. No external debt financing will be involved in the transaction.

The seller of the 50 percent interest is Ørsted A/S. Ørsted will remain co-owner and operator 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 investments, says Mie Holstad, Chief Real Assets Officer at Norges Bank Investment Management.

The offshore wind farm has an installed capacity of 752 MW and produces energy equivalent to the annual electricity consumption of around one million Dutch households.

– 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, says Nicolai Tangen, Chief Executive Officer at Norges Bank Investment Management.

The offshore wind farm was fully commissioned in the fourth quarter of 2020.

Facts about Borssele 1 & 2

  • Currently 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.
  • Located 23 kilometres off the coast of the Dutch region of Zeeland at water depths ranging from 14 to 36 meters.
  • Consists of 94 Siemens Gamesa 8 MW offshore wind turbines.

Press contact:
Line Aaltvedt
Manager, Communications and External Relations
Phone: +47 948 54 656

Photo credit: Ørsted/Sky Pictures