OSLO (Reuters) - Norway's $1.3 trillion sovereign wealth fund, one of the world's largest investors, said on Thursday it had agreed to buy a 16.6% stake in the 960 megawatt He Dreiht offshore wind farm project in the German North Sea.
The acquisition will be made together with Allianz (ETR:ALVG) Capital Partners and Danish infrastructure investment group AIP Management, with the consortium to buy a 49.9% stake from German utility EnBW.
Norges Bank Investment Management (NBIM) will pay around 430 million euros for its ownership stake, putting the total value of the project at 2.6 billion euros, it added.
The agreement was signed on March 22, with closing expected in the third quarter of 2023, NBIM added.
It marks the third direct investment by the fund in a renewable project, following deals for a Dutch wind farm with Orsted in 2021 and part of Iberdrola (BME:IBE)'s Spanish solar and onshore wind portfolio in January.
Taking stakes in renewables projects is a new asset class for the fund, allowed by parliament since 2020.
The start of operation of He Dreiht is expected by the end of 2025, making it the largest offshore wind project in Germany, producing enough energy to cover the demand of 1.1 million households, the fund said.