Orsted is to sell Norges Bank Investment Management (NBIM) a 50% ownership share of its 752MW Borssele 1 & 2 Offshore Wind Farm.
The total value of the transaction €1.375bn which is to be paid upon closing of the transaction. Closing is expected around summer 2021.
Commissioned in the fourth quarter of 2020, the offshore project generates green power to the equivalent of one million households’ annual power consumption in the Netherlands.
As part of the agreement, Orsted will continue to provide long-term operations and maintenance services from its O&M base at the Port of Vlissingen in the Netherlands.
Furthermore, Orsted will 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.
Orsted chief commercial officer and deputy chief executive Martin Neubert 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.”
NBIM chief real assets manager Mie Holstad added: “We are very pleased to partner on Borssele 1&2 with Orsted, 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 Orsted on delivering green energy to Dutch households.”
The divestment to NBIM is subject to regulatory approvals.