World’s Biggest Wealth Fund Strikes a Milestone Green Deal
By
Lars Erik Taraldsen
and
Ott Ummelas
7 April 2021, 7:00 pm AEST Updated on 7 April 2021, 9:28 pm AEST
Norway’s $1.3 trillion wealth fund just made its first investment in clean energy infrastructure, more than a year after it was given the go-ahead to move into the asset class.
The world’s biggest sovereign investment vehicle has agreed to buy 50% of the 752 megawatt Borssele 1 & 2 offshore wind farm from Orsted A/S of Denmark. The deal is worth just under 1.4 billion euros, or about $1.6 billion, it said
The Orsted deal means Norway’s wealth fund will become a joint partner in generating enough energy each year to power roughly a million households in the Netherlands. The transaction is expected to close in the summer, pending regulatory approval. Borssele 1 & 2 is the world’s second-largest operational offshore wind farm, and is powered by 94 Siemens Gamesa 8 megawatt turbines.
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