Ørsted Wraps Sale of Offshore Wind Farm Stake to Norwegian Oil Fund


May 31, 2021
 Borssele 1 & 2 / Credit: Orsted

Borssele 1 & 2 / Credit: Orsted

Danish offshore wind farm giant Ørsted said Monday it had completed the sale of 50% of the Borssele 1 & 2 Offshore Wind Farm in the Netherlands to Norges Bank Investment Management.

Norges Bank Investment Management (NBIM), an entity running Norway's $1.3 trillion sovereign wealth fund - popularly known as the oil fund - struck a deal with Ørsted back in April to acquire 50 percent in the Borssele 1 & 2 offshore wind farm in what is the fund's first unlisted renewable energy infrastructure investment.

The 752 MW offshore wind farm was commissioned in the fourth quarter of 2020 and generates electricity to the equivalent of one million households' annual power consumption in the Netherlands. 

Orsted, based in Denmark, said the value of the deal was around 1,375 billion euros (around $1,63 billion) -

The Norwegian wealth fund was set up years ago to invest revenues derived from Norway's oil production. Today, the fund has a small stake in more than 9,000 companies worldwide, including the likes of Apple, Nestlé, Microsoft, and Samsung. On average, the fund holds 1.4 percent of all of the world’s listed companies.

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