The Norwegian Government Pension Fund announced on Monday that it will invest 900 million euros (1.01 billion dollars) in the latest renewable energy fund of the investment company Copenhagen Infrastructure Partners (CIP).
Norges Bank Investment Management (NBIM) has allocated this amount to the fifth CIP flagship fund CI V, which invests in offshore and onshore wind farms, solar farms, grid and distribution, as well as storage, according to the statement from the world’s largest sovereign wealth fund.
The Norwegian pension fund, with assets amounting to 1.7 trillion dollars, invests revenues from the Norwegian oil and gas industry in global equities, fixed income, real estate, and renewable energy assets.
– The agreement will enable further investments and exposure to other parts of the value chain, as well as the opportunity to continue building knowledge and experience in new markets and technologies – stated NBIM.
CIP expects to conclude fundraising for the green fund CI V above the fund’s target value of 12 billion euros. By June of last year, this fund had reached 5.6 billion euros.
– Such a focus emphasizes our ability to provide attractive risk-adjusted returns, while providing clean, affordable energy and creating local growth and job openings, appealing to the largest and most ambitious global investors – stated CIP in its announcement.
Investments will be equally divided among three regions – North America, Western Europe, and developed countries in the Asia-Pacific region.
