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World’s largest sovereign wealth fund makes first green energy investment

Norway’s sovereign wealth fund, with $ 1.3 trillion in assets, made its first investment in green energy: it agreed to buy from Danish Orsted a 50 percent stake in two 752 megawatt Borssele wind farms 1 and 2 *. The deal is valued at approximately $ 1.6 billion.

The capacity of the project (94 Siemens Gamesa turbines of 8 megawatts each) is sufficient to provide electricity to about 1 million Dutch households

The Norwegian parliament allowed the fund to invest in this asset class back in 2019 and has been looking for attractive properties to buy ever since. However, back in January, the head of the foundation, Nikolai Tangen, spoke about how difficult it is to find an adequately priced green project.

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The Norwegian Sovereign Fund allocated about $ 14 billion for green investments and received the right from parliament to buy projects in Europe and North America.

In 2020, the fund’s profit was $ 123 billion, the lion’s share of which was earned on shares of American technology companies.

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