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Norges Bank Investment Management acquires 50% of Borssele 1&2

By: Tom Russell 07/04/2021 Ørsted

General Windfarms

Ørsted has signed an agreement with Norges Bank Investment Management (NBIM), who will acquire a 50% ownership share of Ørsted’s 752 MW Borssele 1&2 wind farm. The project was commissioned in the fourth quarter of 2020 and generates green power to the equivalent of one million households’ annual power consumption in the Netherlands.

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 and 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. Ørsted will also provide NBIM with balancing services and a long-term route to market for the renewable electricity generated by Borssele 1 & 2.

The agreement marks NBIM’s first investment in unlisted renewable energy infrastructure.

Martin Neubert, Chief Commercial Officer and Deputy Group CEO of Ørsted, said: “As one of the world’s largest institutional investors, Norges Bank Investment Management is making a difference by making sustainable investments. We’re delighted to welcome NBIM as partner on Borssele 1 & 2, which is a landmark project for the Netherlands’ transition to renewable energy, and we’re pleased to support NBIM in their strategy to invest in renewable energy infrastructure assets.”

Mie Holstad, Chief Real Assets Officer at Norges Bank Investment Management, 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, and we look forward to working alongside Ørsted on delivering green energy to Dutch households.”

Steven Engels, General Manager for Ørsted Benelux, said: “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.”

Ørsted won rights to the Borssele 1&2 site in July 2016, with an average bid strike price, excluding transmission costs, of EUR 72.70/MWh for the first 15 years of the project's operation. The project consists of 94 Siemens Gamesa Renewable Energy SG 8.0-167 DD turbines. It is located 23 km off the coast of Zeeland (Westkappele), and is expected to provide power to over 500,000 households annually.

For more information on offshore wind farms worldwide, click here.

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Norges Bank Investment Management acquires 50% of Borssele 1&2

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