Norges Bank Investment Management (NBIM), the world’s largest sovereign wealth fund, has entered an agreement with Copenhagen Infrastructure Partners (CIP) to commit €900 million (US$1.005 billion) to the latter’s latest renewable energy vehicle. CI V – CIP’s fifth flagship fund – will invest in renewable energies, with a focus on offshore and onshore wind, grid and distribution, energy storage, and solar farms across North America, Western Europe and developed countries in the Asia-Pacific region. “The investment is a valuable addition to the portfolio we are currently building,” said Mie Holstad, Chief Investment Officer for Real Assets at NBIM. “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.” The management mandate from Norway’s Ministry of Finance, which opened in 2019, allows NBIM to make both direct and indirect investments in unlisted renewable energy infrastructure. NBIM has closed six direct investments in solar and wind in Europe to date. “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,” Holstad added. “Our evaluations have shown that CIP has created value for investors in an open and responsible way.”
