Norges Bank Investment Management (NBIM), responsible for the investments of the Government Pension Fund Global (GPFG), has committed €900m to Copenhagen Infrastructure Partners’ (CIP) latest renewable energy fund.

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

Its latest addition to the portfolio is an indirect investment through CIP’s fifth flagship fund – CI V. The agreement was made on 23 August.

NBIM chief investment officer, real assets, Mie Holstad, said: “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.”

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,” Holstad added.

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