Norway’s wealth fund has been looking for such assets since the Parliament agreed to give it a mandate to start buying them back in 2019. But as recently as January, CEO Nicolai Tangen said it was proving hard to find reasonably priced targets.
Norway’s US$1.3 trillion ($1.74 trillion) wealth fund has just made its first investment in clean energy infrastructure, more than a year after it was given the go-ahead to move into the asset class.
The world’s biggest sovereign investment vehicle has agreed to buy 50% of the 752-megawatt Borssele 1 & 2 offshore wind farm from Orsted A/S of Denmark. The deal is worth just under 1.4 billion euros ($2.23 billion), it said.
