World’s largest sovereign wealth fund is getting serious about renewables

Norway’s USD 1.3 tn sovereign wealth fund has taken the plunge into renewables after signing a USD 1.6 bn agreement Danish energy company Orsted that will see it own 50% of its offshore wind farms Borssele 1 and 2 in the Netherlands, the fund said yesterday. The direct investment is the first of its kind for the world’s largest sovereign wealth fund which is at the forefront of a growing wave of interest from sovereign wealth funds in green investments. Norges Bank has so far earmarked a massive USD 12 bn of investments for large scale renewable projects in North America and Europe over the next two years and wants to avoid having “too many assets” the fund’s head of renewable infrastructure, Boerge Sivertsen, said.