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Norway's Huge Oil-backed Wealth Fund Invests In An Offshore Wind Farm

by cnbc.com posted 5months ago 56 views
The transaction is set to be completed later this year. : Norway's sovereign wealth fund has agreed to pay around 1.375 billion euros ($1.63 billion) for a 50% stake in one of the world's biggest offshore wind farms, Orsted's 752 megawatt (MW) Borssele 1 & 2 facility. Managed by Norges Bank Investment Management, the fund — whose wealth stems from Norway's vast North Sea oil and gas reserves — is the world's largest and worth more than $1.3 trillion. In an announcement Wednesday, NBIM described the deal as its "first investment in renewable energy infrastructure."