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Norges Bank Investment Management completes Borssele 1&2 acquisition

By: Tom Russell 01/06/2021 Ørsted

General Windfarms

Ørsted has completed the divestment of 50% of the Borssele 1&2 offshore wind farm in the Netherlands to Norges Bank Investment Management (NBIM). The agreement marks NBIM’s first investment in unlisted renewable energy infrastructure.

The total value of the transaction is approx. EUR 1.375 billion (approx. DKK 10.2 billion). 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.

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 completes Borssele 1&2 acquisition

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