Norway’s wealth fund allocates €900m to CIP renewables

Norway’s $1.7 trillion sovereign wealth fund has announced a €900 million ($1 billion) investment in Copenhagen Infrastructure Partners’ fifth flagship fund.

This marks the first time Norges Bank Investment Management (NBIM) will take an indirect stake in its unlisted renewable energy infrastructure portfolio.

The investment will enable NBIM to enter renewable energy projects in the development stage and gain exposure to various parts of the value chain, including offshore and onshore wind, solar farms, and energy storage.

The CI V fund will focus its investments across North America, Western Europe, and developed countries in the Asia-Pacific region.

This move will expand NBIM’s renewable energy infrastructure portfolio, which stood at $1.9 billion as of June.

The fund, which began investing in this sector in 2021, has faced challenges such as stiff competition and high valuations. Copenhagen Infrastructure Partners manages 12 funds with approximately €28 billion under management.