New investment in unlisted renewable energy infrastructure

The management mandate from the Ministry of Finance, which opened in 2019, allows for direct and indirect investments in unlisted renewable energy infrastructure. To date, we have closed six direct investments within solar and onshore and offshore wind in Europe. 

We continue to build this portfolio and have now entered into an agreement for an indirect investment through a fund, in line with our strategy for this period. On August 23rd, we agreed to commit 900 million euros to Copenhagen Infrastructure Partners’ (CIP) fifth flagship fund, “CI V”.

“This agreement will enable us to invest in renewable energy projects in the development stage. 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, as well as the opportunity to continue building knowledge and experience with new markets and technologies,” says Mie Holstad, Chief Investment Officer Real Assets at Norges Bank Investment Management.

CIP and CI V will invest in renewable energy with a focus on offshore and onshore wind, solar farms, grid and distribution, and storage. The investments will be equally split between three regions: North America, Western Europe, and developed countries in the Asia Pacific region.

“We have worked for a long time to map out the investment risks and non-financial risks and are pleased with our choice of CIP as a partner. CIP is an experienced industrial partner with a good reputation. Our evaluations have shown that CIP has created value for investors in an open and responsible way,” says Holstad.

Press contact:
Line Aaltvedt    
Head of Communications
Tel: +47 948 54 656
Email: press@nbim.no 
 

[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.