Norway’s NOK13.8trn (€1.22trn) sovereign wealth fund has disclosed that it has partnered with Allianz Capital Partners and AIP Management to take a 49.9% stake in a €2.6bn offshore wind project in Germany.
Media reports in September last year revealed that a consortium involving Norges Bank Investment Management (NBIM), Allianz and AIP had progressed to a second round of bidding for a stake in the He Dreiht project being developed by German utility EnBW. At the time, the parties did not comment.
NBIM now said it will pay €430m for its 16.6% stake in the 960MW project, adding that no external debt financing will be involved in the transaction. NBIM said the agreement was signed on 22 March 2023, with closing expected in the third quarter of the year.
Separately, Allianz, which is investing on behalf of Allianz insurance companies, has also disclosed that it will acquire a 16.6% stake in the project.
AIP’s investors include Danish pension funds PKA, PenSam, AkademikerPension and Lærernes Pension, as well as Norwegian financial group Storebrand and a group of Swiss institutional Investors.
Storebrand has also disclosed that its infrastructure fund is investing more than NOK1bn in the transaction.
Dagfin Norum, CIO of Storebrand Asset Management, said: “This is yet another example of our targeted approach to infrastructure investments focusing on the energy transition. Our clients show great interest in access to long-term investments with stable returns and positive impact, and we look forward to continued growth in this part of our business.”
The majority shareholder EnBW will develop and operate He Dreiht and will offtake the power generated.
He Dreiht, which is expected to be operational by the end of 2025, will become the largest offshore wind project in Germany. Overall, the wind farm will produce clean energy equivalent to the electricity demand of 1.1m German households.
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