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Wednesday, April 17, 2024

Oil Fund ‘proud’ of wind park investment

The new boss of Norway’s huge sovereign wealth fund that’s fueled by its oil revenues says he’s “proud” of the Oil Fund’s first major investment in renewable energy infrastructure. It makes the Oil Fund half-owner of the world’s second-largest offshore wind park, Borssele 1&2 in the Netherlands.

“We’re very proud,” said Nicolai Tangen, head of Norges Bank Invesment Management (NBIM) that runs the Oil Fund. “We think this will be a super-fine first investment.”

His predecessor, Yngve Slyngstad, had announced last year that the fund had plans to take its first steps into renewable energy infrastructure. In January, Tangen told financial news service E24 that he hoped to carry out the first transaction this year, in line with NBIM’s strategic ambition of investing around NOK 100 billion in renewable energy through 2022. The Borssele deal amouts to around NOK 13.9 billion.

Both the Norwegian fertilizer producer Yara and the park developer Ørsted of Denmark plan to use some of the wind power from Borssele to produce hydrogen in the Netherlands.

See NBIM’s own press release about the deal here (external link). staff



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