The asset management division of Norges Bank, Norway’s central bank has confirmed that it will acquire a 50 per cent stake in the 752 MW Borssele 1 & 2 offshore wind farm located off the coast of the Netherlands developed by Ørsted. Norges Bank Investment Management (NIBM) will acquire the stake for Euro 1.375 billion using no external debt. It also represents the NIBM’s first investment in unlisted renewable energy infrastructure. The transaction is expected to close around the summer of 2021 subject to regulatory clearance.
The Borssele 1 & 2 complex is located 23 km off the coast of the Zeeland in the Netherlands. The park is built with 94 Siemens Gamesa wind turbines of 8 MW each, that were fully commissioned by the end of last year. The project will generate enough power to meet the annual consumption of about 1 million households in the country.
Ørsted will provide long-term operations and maintenance (O&M) services for the wind park from its O&M base at the Port of Vlissingen. The company will also carry out balancing services and a long-term route to market for the output of the plant. The wind developer estimates that the Borssele 1 & 2 partnership will increase its earnings before interest, tax, depreciation, and amortisation (EBITDA) in 2021 by Euro 672 million.