Landmark green deal sees Norges Bank invest in Borssele 1 & 2

As manager of the Government Pension Fund Global, NBIM’s mission is to safeguard and build financial wealth for future generations in Norway. Norges Bank Investment Management aims for the highest possible long-term return within the investment mandate set by the Ministry of Finance.

The total value of the transaction is approximately €1.375Bn (US$1.620Bn). The divestment to NBIM is subject to regulatory approvals and is expected to close later in 2021.

As part of the agreement, Ørsted will continue to provide long-term operations and maintenance (O&M) services from its base at the Port of Vlissingen in the Netherlands. Ørsted will also provide NBIM with balancing services and a route to market for the renewable electricity generated by Borssele 1 & 2.

Ørsted chief commercial officer and deputy group chief executive Martin Neubert said, “As one of the world’s largest institutional investors, Norges Bank Investment Management is making a difference by making sustainable investments. We are delighted to welcome NBIM as partner on Borssele 1 & 2, which is a landmark project for the Netherlands’ transition to renewable energy and we are pleased to support NBIM in their strategy to invest in renewable energy infrastructure assets.”

NBIM chief real assets officer Mie Holstad said, “We are very pleased to partner on Borssele 1 & 2 with Ørsted, the market leader in offshore wind. We are excited to have made our first unlisted investment in renewable energy infrastructure.”

Borssele 1 & 2 is the largest operational offshore windfarm in the Netherlands and the second-largest operational offshore windfarm in the world. It was fully commissioned in Q4 2020.