Norway's Sovereign Wealth Fund buys 50% of major Dutch wind farm project

London, (Quantum Commodity Intelligence) – Norway's Sovereign Wealth Fund has made its first major investment in a renewable energy, acquiring a 50% stake in the Netherlands Borselle 1 and 2 wind farm project, the fund said.

The $1.3 trillion fund paid €1.375 billion ($1.55bn) to Denmark's Orsted, which will continue to co-own and operate the offshore facility.

The wind farm has a capacity of 752 MW and is the second largest of its kind in the world.

Historically Norway's wealth fund has focused investment on stocks, bonds and property, but a change in the law last year allows for a broader portfolio.

The Norwegian wealth fund is mandated to invest at least $12 billion in renewable projects between 2020 and 2022, and is expected to focus on significant projects, rather than numerous smaller operations.