Norway’s sovereign wealth fund, the world’s largest, has made its first investment in renewable energy infrastructure in the United States by acquiring a 33.3% stake in a portfolio of solar and onshore wind assets, the fund said on Tuesday.
Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund, will pay $425 million for the equity stake, valuing the portfolio at an enterprise value of approximately $2.6 billion, according to a statement.
The portfolio includes 17 solar plants and five onshore wind facilities located across the United States, with a combined generation capacity of around 2.3 gigawatts (GW).
Under the transaction, NBIM will hold the stake alongside British Columbia Investment Management Corporation (BCI) and Brookfield, which will each also take a 33.3% ownership share in the portfolio.
BCI said the assets will be owned through a jointly controlled company called Northview Energy. The platform could deploy an additional $1.5 billion in equity to acquire further renewable energy assets across the United States and Canada.
The investment marks NBIM’s first entry into US renewable power infrastructure as the fund continues to expand its portfolio of real assets linked to the global energy transition.
