The Norwegian Government Pension Fund Global, considered the world's largest sovereign wealth fund, announced on Monday an investment of 900 million euros in renewable energy. The agreement has been made with the Danish investment firm Copenhagen Infrastructure Partners (CIP) to allocate this amount to their CI V fund, with a particular focus on wind energy, solar plants, and storage. 

“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,” says Mie Holstad, Chief Investment Officer Real Assets at Norges Bank Investment Management. 

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 evenly distributed across three regions (North America, Western Europe, and developed countries in the Asia-Pacific), according to Norges Bank Investment Management (NBIM), the public bank that manages the fund. 

“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,” says Holstad.