Norway’s Oil Fund invests billions in offshore wind farms in the Netherlands

Nicolai TangenPhoto: Terje Pedersen / NTB

The Oil Fund has bought half of a Dutch offshore wind farm for NOK 13.9 billion.

This is the fund’s first investment in infrastructure for renewable energy, Norges Bank Investment Management (NBIM), which manages the fund, noted.

The offshore wind farm Borssele 1 & 2 was completed in the fourth quarter last year. The purchase agreement with operator Ørsted was signed on April 7, and the purchase will be completed in the second or third quarter of this year.

“A good project”

“We are pleased to have completed our first investment in unlisted infrastructure for renewable energy and look forward to working with Ørsted, which is the market leader in offshore wind. 

“This is a good project, and the investment is in line with our strategy of building a portfolio of high-quality wind and solar power plants,” Mie Holstad, NBIM’s director of real estate and infrastructure investments, noted.

Borssele 1 & 2 has a capacity of around 752 megawatts (MW) and produces energy corresponding to the annual electricity consumption of around one million Dutch households.

In comparison, Norway had a total of 53 wind farms with a capacity of 3,977 MW at the turn of the year, according to the Oil and Energy Ministry. The Dutch project thus corresponds to 19% of all of Norway’s wind power capacity.

New plan

The news of the offshore wind investment was presented at a press conference on Wednesday. There, Oil Fund manager Nicolai Tangen also presented a new strategy plan for the fund.

“The revised strategy is based on previous strategy plans. High returns, responsible management, and openness continue to be key words in our strategy,” Tangen said.

“The revised strategy focuses on optimizing processes, technology, and development of our employees.”

“The new plan is shorter, more precise, and more closely linked to action and the relationship between ongoing tasks and our strategic ambitions,” NBIM stated in a press release.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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