Norway wealth fund makes first investment in renewable energy project By Reuters

OSLO (Reuters) – Norway’s $1.3 trillion sovereign wealth fund, the world’s largest, has made its first direct investment in a renewable energy project, a new asset class for the fund, it said on Wednesday.

The fund bought a 50% stake in the Borssele 1 and 2 wind farm off the Netherlands for 1.375 billion euros ($1.63 billion)from Denmark’s Orsted , it said.

It is the world’s second-largest offshore wind farm in operation.

Such direct investments are new for the fund which, until last year, was only allowed to invest in stocks, bonds and real estate.

Graphic: Market value of Norway’s wealth fund – https://graphics.reuters.com/NORWAY-SWF/qzjvqajwgvx/chart.png

($1 = 0.8415 euros)