Norway's sovereign wealth fund commits EUR 900m to CIP renewables fund

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has committed to investing EUR 900 million (USD 1bn) in Copenhagen Infrastructure Partners’ (CIP) fifth flagship fund which is focused on offshore and onshore wind, solar farms, grid and distribution, and energy storage.

“The investment is a valuable addition to the portfolio we are currently building. It will provide further investment possibilities and exposure to other parts of the value chain,” Mie Holstad, CIO for real assets at NBIM, noted in a press statement on Monday.

NBIM will make the bet, which will allow it to invest in renewable energy projects in the development stage, through a fund. The investments will be equally split between three regions -- North America, Western Europe, and developed countries in the Asia Pacific region.

The asset management unit of the Norwegian central bank Norges Bank has made six direct investments within solar and onshore and offshore wind in Europe since it was mandated in 2019 by the local ministry of finance to invest in unlisted renewable energy infrastructure.

Copenhagen Infrastructure V (CI V) reached a first close at EUR 5.6 billion in capital commitments at the end of June 2023, having invested in more than 40 renewable energy infrastructure projects. The investment vehicle, which targets EUR 12 billion, seeks to become the largest dedicated greenfield renewable energy fund in the world.

(EUR 1 = USD 1.112)

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