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Announced

Norges Bank to acquire Borssele 1 & 2 from Orsted for €1.38bn.

Financials

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Transaction Value£1,170m
Consideration TypeCash
Capital Owned-
Capital Bid For50%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Majority

Friendly

Private

Pending

Netherlands

Renewable Energy Equipment

Acquisition

Private Equity

offshore wind farm

Cross Border

Single Bidder

Synopsis

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Norges Bank Investment Management, a Norway’s oil fund, agreed to acquire a 50% stake in Borssele 1 & 2, an offshore wind farm located in the Netherlands, from Orsted, a Danish multinational power company, for €1.38bn ($1.6bn). Transaction completion expected in the second or third quarter of 2021. "Borssele 1 & 2 is a high-quality offshore wind asset, and the acquisition is in line with our strategy to build a high-quality portfolio of wind and solar power generation assets. The unlisted renewable energy infrastructure strategy supplements our existing unlisted real estate portfolio well, and we draw on our long experience with direct investments," Mie Holstad, Norges Bank Investment Management Chief Real Assets Officer.

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