Norway pledges $1 billion to CIP renewable energy fund

On Monday, Norway's sovereign wealth fund, Norges Bank Investment Management (NBIM), announced it will invest 900 million euros (approximately $1.01 billion) in Copenhagen Infrastructure Partners' (CIP) fifth flagship renewable energy fund, CI V.

This fund focuses on offshore and onshore wind, solar farms, grid and distribution infrastructure, as well as energy storage, News.Az reports citing Reuters.

NBIM, which has assets of $1.7 trillion, invests revenue from Norway's oil and gas industry in global stocks, fixed income, real estate and renewable energy assets.

"(This deal) 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 NBIM said.

CIP expects to conclude fundraising for CI V above the target fund size of 12 billion euros. It reached a first close at 5.6 billion euros in capital commitments in June last year, according to its website.

"The commitment underlines that our ability to deliver attractive risk-adjusted returns, while providing clean, affordable energy and creating local growth and jobs, is attractive to the world's largest and most ambitious investors," CIP said in an emailed statement.

The investments will be equally split between the three regions of North America, Western Europe and developed countries in the Asia Pacific region, NBIM said.

News.Az