Norway wealth fund makes first investment in renewable energy project

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.

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. ($1 = 0.8415 euros)