Norges Bank Investment Management becomes co-owner of Borssele 1&2

© Ørsted

Norges Bank Investment Management will be acquiring a 50 % ownership share of Ørsted’s 752 MW Borssele 1&2 Offshore Wind Farm. The two companies signed an agreement today. The total value of the transaction is approx. EUR 1.375 billion.

Norges Bank Investment Management (NBIM) is the asset management division of Norges Bank, the Norwegian central bank. The investment decision marks the first unlisted investment in renewable energy infrastructure for NBIM who was given a mandate to invest in unlisted renewable energy infrastructure from 1 January 2020.

The total value of the transaction is approx. EUR 1.375 billion (approx. DKK 10.2 billion) which is to be paid upon closing of the transaction. Closing is expected around summer 2021. The divestment to NBIM is subject to regulatory approvals.

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

Steven Engels, General Manager for Ørsted Benelux, says: “I look forward to working with NBIM on delivering green power to the Dutch energy mix. Borssele 1 & 2 kickstarted the Netherlands’ ambitious programme for offshore wind build-out and will help the country meet its 2030 carbon reduction goals. We remain committed to the Netherlands and the Zeeland region to contribute to the energy transition for many years to come. At the same time, the wind farm creates benefits for the local economy by supporting employment and skills development.”

Borssele 1 & 2

The Borssele 1&2 offshore wind farm was commissioned in Q4 2020. It is 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.