Norway Commits €900 Million To CIP’s Renewable Energy Fund

The sovereign wealth fund of Norway, Norges Bank Investment Management (NBIM), has announced a commitment of €900 million to the latest and flagship renewable energy fund of Copenhagen Infrastructure Partners (CIP).   

CIP and its 5th flagship fund CI V will invest in renewable energy with a focus on offshore and onshore wind, solar farms, grid and distribution, and storage.   

Investments will be equally split into the 3 regions of North America, Western Europe, and developed countries in the Asia Pacific region.   

Formally known as the Government Pension Fund Global, NBIM operates under the Norwegian Ministry of Finance. To date, it has directly invested in 6 solar and onshore and offshore wind projects in Europe. The CIP transaction is its indirect investment into renewable energy.  

“This agreement will enable us to invest in renewable energy projects in the development stage,” said NBIM’s Chief Investment Officer Real Assets, Mie Holstad. “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 manages 12 funds with close to €28 billion under management. With a targeted fund size of €12 billion, CIP wants the CI V to become the world’s largest dedicated greenfield renewable energy fund.