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Norway’s giant oil fund invests in renewable energy for first time



offshore wind from ocean - optimised

Norway’s ‘oil fund’ will invest directly in offshore wind, in a first for the key global investor. The $A2 trillion fund will pay 1.375 billion euros for a 50% stake in the 752 MW Borssele 1 & 2 offshore wind farm located in the Netherlands, the world’s second largest offshore wind farm. The project is owned by Danish renewable energy giant Ørsted A/S, and Ørsted will remain co-owner and operator of the project.

The fund owes its size to the Norwegian government’s decision to funnel the revenues of the sales of oil and gas into the wealth fund. Until recently, it only owned public securities, but has recently expanded into property and infrastructure such as renewable energy.

In a strategy report also released yesterday,…

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